Share

Share

Federal Court penalty – Introducer Payments Program

National Australia Bank (NAB) today acknowledges the $15 million penalty imposed by the Federal Court in proceedings brought by the Australian Securities and Investments Commission (ASIC).

The Federal Court proceedings commenced against NAB in August 2019 relate to the NAB Introducer Payments Program and alleged breaches of sections 31 and 47 of the National Credit Consumer Protection Act between 2013 and 2016. NAB admitted certain breaches, which related to receiving information from introducers that went beyond their remit of ‘spot and refer’.

NAB Group Executive, Legal and Commercial Services, Sharon Cook, said:

“NAB has acknowledged that the Introducer Payments Program had inherent risks and ultimately fell short of customer and community expectations. We want customers to have the confidence to come to NAB because of the products and services we provide – not because a third party received a payment to recommend us.

“We ended the Introducer Payments Program in October 2019 and in November 2017 we established a remediation program, which has paid about $5 million to impacted customers.”

Announcements

SEE ALL TOPICS

Related Articles

  • Media Release

NAB releases Q1 trading update

  • 21.02.2024
  • Time to read 1 min read
  • Business

NAB’s Green Finance for Commercial Real Estate to help customers reduce emissions, build climate resilience

NAB has launched Green Finance for Commercial Real Estate (CRE) to help support investment in – or the development or retrofit of – eligible, commercial buildings.

  • 14.02.2024
  • Time to read 2 min read
  • Business

NAB’s Adelaide HQ welcomes even more workers back to the CBD

NAB has unveiled its new Adelaide headquarters, supporting a revitalised CBD and setting a new sustainability benchmark for South Australia.

  • 09.02.2024
  • Time to read 2 min read

Quick links

National Australia Bank — NAB

Sometimes When The Unexpected Happens, We Realise What We Truly Value. Whether A Home, Farm, Business Or Your Passion, NAB Is Here To Support You.

Business Research and Insights

For more business news and analysis, visit NAB’s Business Research and Insights.