NAB ordered to pay ‘woefully insufficient’ penalty in ASIC fee case

Financial Services 2023-09-22 10:02 am By Cindy Cameronne | Sydney

A judge has ordered National Australia Bank to pay just one-fifth the $10 million penalty proposed by ASIC for overcharging customer fees, taking aim at the regulator’s concise pleading and saying the maximum penalty he could order was “woefully inadequate”.