National Australia Bank has been chastised by the Federal Court and corporate regulator for not fixing a problem that resulted in customers being overcharged fees for more than two years after it had been made aware of it.
NAB’s misconduct was “unconscionable” and a breach of its Australian financial services licensee duties to act fairly and honestly, the Federal Court said on Monday.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
