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NAB (ASX:NAB) penalised $57.5 million for ripping off customers – Motley Fool Australia
Two wealth management businesses in the big bank charged $105 millon of fees without providing any service in return.
The Federal Court has ordered two wealth management businesses in National Australia Bank Ltd(ASX: NAB) to pay $57.5 million penalties.
The court found MLC Nominees and NULIS had contravened fees-for-no-service laws.
The breaches included making false and misleading communications to superannuation members about how the bank charges fees and when the clients are obliged to pay it.
The NAB businesses were also found to have failed to ensure their services were provided “efficiently, honestly a…
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