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Australia's corporate watchdog takes NAB to court on fees for no service

Australia's corporate watchdog takes NAB to court on fees for no service
FILE PHOTO: Pedestrians walk past the logo of National Australia Bank which is displayed outside their headquarters building in central Sydney, Australia August 4, 2017. REUTERS/David Gray/File Photo   -   Copyright  David Gray(Reuters)
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SYDNEY (Reuters) – Australia’s corporate watchdog on Thursday said it had launched a court action against two units of National Australia Bank’s <NAB.AX> wealth management division for charging fees with no service.

The Australian Securities and Investments Commission (ASIC) said NULIS Nominees (Australia) Limited and MLC Nominees Pty Ltd had charged fees to a significant number of their superannuation members for services not provided.

ASIC said it was seeking from the Federal Court declarations of contravention and a civil penalty.

The action is part of wide ranging investigations underway into fee for no service failures in the scandal-hit financial services industry.

(Reporting by Wayne Cole; Editing by Stephen Coates)

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