Hot on the heels of losing its case against Westpac, the Australian Securities & Investments Commission (ASIC) has commenced legal action against NAB over alleged breaches of credit laws. Meanwhile, an accountant is seeking an explanation from NAB as to why it approved a $260,000 loan to her late partner despite the fact that he was on a disability pension. The complainant contends that NAB failed to look into his income to ensure that he had the capacity to repay the loan. From The AFR:
NAB’s lending practices have been thrust into the spotlight after the corporate regulator commenced action against the bank in Federal Court for practices that led to customers being given unsuitable loans…
The Australian Securities and Investments Commission is suing NAB for 297 breaches of the credit act which carry a maximum penalty of $1.8 million each, or a total of more than half a billion dollars…
