ASIC launches fee for no service action against NAB
The Australian Securities and Investments Commission (ASIC) has commenced proceedings in the Federal Court of Australia against two entities in NAB’s wealth management division, NULIS Nominees (Australia) Limited (NULIS) and MLC Nominees Pty Ltd (MLC Nominees).
The regulator said the court proceedings relate to fees charged by both entities to a significant number of their superannuation members for services not provided.
The action follows on from recent hearings of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry and ASIC is alleging that NULIS and MLC Nominees (as the current and former superannuation trustee of NAB) misled members of MLC MasterKey Super products.
The regulator said it was also alleging NULIS and MLC Nominees deducted approximately $33 million Plan Service Fees from 220,000 members of MLC MasterKey Business and MLC MasterKey Personal Super who did not have Plan Adviser (No-Adviser Members).
It has alleged that NAB also deducted approximately $67 million in Plan Service Fees from 300,000 members of MLC MasterKey Personal Super where Plan Advisers were not required to provide services and members did not receive services (or any services they could not otherwise obtain for free).
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