Business
NAB fined $57.5m in ‘fees for no service’ case – Sydney Morning Herald
National Australia Bank has copped a hefty fine after admitting it charged superannuation fund members for services that were never provided.
ASIC’s case centred on a “plan service fee” paid by MLC MasterKey Business and Personal Super fund members. The fee was imposed to cover the cost of an adviser, linked to the member’s employer. Those employees could turn off the fee when they changed jobs, but MLC did not tell members they could do so, ASIC said in the case.
NAB group executive for legal and commercial services, Sharon Cooke, said in a statement on Friday: “Customers should never have been charged for a service that was not rec…
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