September 6, 2018 / 6:27 AM / 20 days ago

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

SYDNEY, Sept 6 (Reuters) - Australia’s corporate watchdog on Thursday said it had launched a court action against two units of National Australia Bank’s 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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