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)