ASIC’s concerns over NAB fees revealed
Please try again later. ASIC's concerns over NAB fees revealed. A regulator has been concerned National Australia Bank may not compensate all customers charged fees for services they did not receive, royal commission documents reveal. The bank failed to have part of ASIC's outline of suspected offending suppressed, where it related to NAB's approach to further compensation. ASIC disagreed with NAB's view it should test whether there was a customer-adviser interaction rather than whether it delivered on the express commitments it gave customers. "ASIC is concerned that NAB's interpretation of its obligations means that NAB will fail to identify and compensate customers who did not receive the ongoing services they paid for." As revealed in the inquiry last week, the 2017 report states ASIC was concerned by NAB and its group licensees' apparent failure to appreciate the extent and seriousness of the issue despite being on notice since at least 2010. ASIC says the bank and the group entities have, by their own admission, fallen below the standards expected of a responsible Australian financial services licensee.