The corporate regulator is suing National Australia Bank and seeking hefty fines over allegations it failed more than 300 customers, including domestic violence victims and the chronically ill, at their most vulnerable time.
The Australian Securities and Investments Commission on Monday morning announced it had taken NAB to the Federal Court, claiming between 2018 and 2023 the bank did not respond to 345 hardship applications within the 21-day timeframe required by law.
ASIC is suing NAB in the Federal Court. Credit: Natalie Boog
“These customers included people who were domestic violence victims, battling serious medical conditions, dealing with business closures or job loss. NAB’s failures likely compounded the already challenging situation for these people,” ASIC chair Joe Longo said.
“Amidst rising cost of living pressures, we have seen an increased number of customers reach out to their lenders for relief, and we have seen first-hand the impact on lives and livelihoods when lenders fail to appropriately support customers experiencing financial hardship.”
More to come
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