The Australian Securities and Investments Commission was alarmed to learn that National Australia Bank knew it had a big problem with charging fees for no service for 11 months before it informed the regulator.

While NAB executive Andrew Hagger insisted he'd hinted at the true extent of the problem in a telephone call with ASIC on October 24, 2016, evidence before the banking royal commission last Friday suggested the first the regulator learned of NAB's $34.6 million compensation figure was more than a week later on November 3.