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National Australia Bank Victims

Banking misconduct victims wait for compensation to flow from big banks

It's been a year since the final public hearings of the banking royal commission, but as Westpac's money-laundering scandal shows, the problems still aren't over. Although billions of dollars are expected to flow back to victims of banking misconduct, they feel that little has changed and justice is further away than ever.  Updated 02 December 2019

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NAB faces a potential $10b fine after ASIC claims the law was broken 10,000 times

Australia’s banking regulator dropped a damaging lawsuit on the National Australia Bank last night on eve of its crucial annual general meeting. The Australian Securities and Investments Commission announced last night it would launch legal proceedings against the major bank for fees for no service, fee disclosure statement failures and false representations.

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ASIC sues NAB for dealing with unlicensed home loan introducers

ASIC has commenced proceedings in the Federal Court against National Australia Bank (NAB) for breaches of the law arising from failures with its Introducer Program. ASIC alleges that between 3 September 2013 and 29 July 2016, NAB accepted information and documents in support of consumer loan applications from third party introducers who were not licensed to engage in credit activity.

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Time's up for Henry but also the billion-dollar audit club

The latest National Australia Bank scandal has triggered unanimous bipartisan support for a parliamentary inquiry into the potential conflicts of the big audit firms. It is long overdue. So too is the departure of NAB’s chairman Ken Henry, who needs to reassess whether he should leave now instead of waiting until later this year. The drums are beating louder.

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