NAB fined $18.5 million for defective FDS

Federal Court proceedings have been ongoing since December 2019, when ASIC alleged that NAB failed to issue or issued defective FDSs. 

NAB has admitted to a number of the breaches levied against them as a result of the case.

“We sincerely apologise to those customers who were impacted by this issue," NAB Group Executive, Legal and Commercial Services, Sharon Cook said.

NAB has stated that it is continuing to make amends for the mistake.

“To address this issue, NAB stopped charging ongoing service fees to customers of its former NAB Financial Planning business in 2019," Ms Cook stated.

"In 2020, we established a remediation program which has to date paid approximately $31m to more than 15,000 customers in order to make things right”.