NAB national australia bank limited

News: NAB Australian court fines NAB pension funds $42 mln over fees for no service

  1. 193,698 Posts.
    lightbulb Created with Sketch. 2825

    Sept 14 (Reuters) - Australia's federal court has fined pension funds run by National Australia Bank (NAB) A$57.5 million ($41.9 million) for charging fees with no service to thousands of retirees, the country's corporate watchdog said on Monday.

    The court ruling says NULIS Nominees and MLC Nominees, trustees of pension fund products sold by NAB, deducted about A$100 million in fees from about 677,000 retirees between 2012 and 2018 for plans in which they either did not have an adviser or did not need one.

    The decision comes after a civil lawsuit was by Australian Securities and Investments Commission (ASIC) in September 2018 following a public inquiry that exposed widespread misconduct in the financial sector. (https://bit.ly/3iue6qm)

    NAB admitted in a separate statement that its trustees' conduct was "misleading" and breached certain ASIC acts. It also said that by May 2019, a total of A$117 million had been paid to members who were affected.

    Last month, the company agreed to sell the MLC business to IOOF Holdings Ltd (IFL) for A$1.4 billion, while Australia's financial regulator imposed additional conditions to the licenses of NAB's pension funds to improve financial controls.

    ($1 = 1.3734 Australian dollars)

 
Add to My Watchlist
What is My Watchlist?
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)
Last
$37.51
Change
-0.150(0.40%)
Mkt cap ! $114.8B
Open High Low Value Volume
$37.55 $37.65 $37.14 $98.84M 2.638M

Buyers (Bids)

No. Vol. Price($)
1 500 $37.45
 

Sellers (Offers)

Price($) Vol. No.
$37.53 604 2
View Market Depth
Last trade - 16.10pm 25/07/2025 (20 minute delay) ?
NAB (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.