ASIC Sues NAB Over Financial Hardship Failures

NAB faces legal action for allegedly ignoring 345 hardship applications from 2018 to 2023.

The Australian Securities and Investments Commission (ASIC) has filed a lawsuit against National Australia Bank (NAB) for not responding to 345 hardship applications within the 21-day legal timeframe.
The affected customers include domestic violence victims, individuals with serious illnesses, and those facing unemployment or business closures.
ASIC claims NAB's delays exacerbated the financial difficulties of these vulnerable customers.
NAB has acknowledged the court action and apologized, stating they are revising their approach to supporting customers in financial difficulty.
The case is set for a hearing in May, with ASIC seeking financial penalties and adverse publicity orders against NAB and its subsidiary, AFSH Nominees.