Overview

• The Federal Court found that between 2018 and 2023 NAB and AFSH Nominees failed to respond to 345 hardship applications within the mandated 21-day period.
• NAB was ordered to pay A$13 million and AFSH Nominees A$2.5 million while covering ASIC’s legal costs.
• The court required both entities to publish adverse publicity notices and supply them to every affected customer.
• NAB has apologized, paid remediation to 60 customers at about A$540 each and created a dedicated hardship assistance team under NAB Care.
• Advantedge Financial Services will stop accepting new home loan applications from September 30 and migrate existing loans to NAB next year.