NAB and subsidiary ordered to pay $15.5 million after ASIC takes court action

NAB cops $15m fine for ignoring customers: What it means

National Australia Bank and a subsidiary have been fined more than $15 million for failing to respond to hardship applications made by customers asking for help during challenging times.

NAB and subsidiary ordered to pay $15.5 million after ASIC takes court action

A big four bank and one of its subsidiaries have been ordered to pay $15.5 million for failing to respond to struggling customers.The Federal Court yesterday ordered National Australia Bank (NAB) and AFSH Nominees to pay the penalty for failing to respond to 345 hardship applications within the legally mandated 21-day timeframe.Justice Penelope Neskovcin said the reasons customers gave for their hardship included medical issues or emergencies, b…

NAB, AFSH fined for neglecting customers in financial distress

The Federal Court has mandated that National Australia Bank (NAB) and its subsidiary, AFSH Nominees (AFSH), pay a total of A$15.5m ($10.1m) in penalties for their inadequate response to customers experiencing financial difficulties. In May 2024, the Australian Securities and Investments Commission (ASIC) highlighted concerns within the lending sector through the release of a hardship report, indicating that lenders were not adequately supporting…

NAB hit with $15.5M penalty for mishandling financial hardship requests

Save (0) Please login to bookmarkClose Username or Email Address Password Remember Me National Australia Bank and its home loan lender subsidiary have been ordered to pay a $15.5 million penalty after admitting to mishandling hundreds of customer hardship applications. Subscribe to Lawyerly to access this article.Already a subscriber? Username or Email Address Password Remember Me Lost your password? The pos…