August 23, 2019 / 3:02 AM / a month ago

Australia's corporate regulator sues NAB over mortgage introducer program

SYDNEY, Aug 23 (Reuters) - The Australian corporate regulator said on Friday it filed a lawsuit against No. 3 lender National Australia Bank Ltd accusing it of accepting loan applications from unlicensed third party “introducers”.

The Australian Securities and Investments Commission (ASIC) said NAB had breached a law which prevents banks from dealing with unlicensed loan professionals in relation to 297 loans between September 2013 and July 2016. (Reporting by Byron Kaye; Editing by Muralikumar Anantharaman)

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