BloombergNational Australia Bank Ltd (NAB) is being sued by the country’s securities regulator for “several thousand” breaches of company law, in another blow to the scandal-tainted Australian banking sector. The relevations that banks charged fees for services that they did not provide was one of the inquiry’s central findings. The bank’s former chairman and chief executive officer resigned in February, soon after being singled out for blame by the royal commission inquiry. “‘Fees for no service’ misconduct has been widespread and is subject to ongoing ASIC regulatory responses including investigations and enforcement actions,” regulator Deputy Chairman Daniel Crennan said. “We will continue to work cooperatively and constructively with ASIC to deal with this issue.”The bank expects to complete compensation efforts by June next year, Cook said.

Source: Taipei Times December 17, 2019 15:56 UTC