Published: August 13, 2018
The bank agreed to significantly lift compensation for fee-for-no-service victims but did not tell Asic
National Australia Bank has been accused of withholding information from the corporate regulator about its plans to boost compensation payments for fee-for-no-service victims to avoid a public relations controversy.
The banking royal commission heard evidence on Monday that NAB executives had agreed in October 2016 to significantly lift compensation payments for fee-for-no-service victims, from $12.7m to $34m, but the information was withheld from the the Australian Securities and Investments Commission (Asic).
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