Reported 6 days ago
Australia's corporate regulator, ASIC, has initiated civil penalty proceedings against National Australia Bank (NAB) for failing to respond to 345 financial hardship applications within the legally required 21-day period from 2018 to 2023. This oversight affected individuals facing significant challenges, including survivors of domestic abuse and those dealing with health issues or unemployment. NAB's shares dropped following the announcement, as ASIC aims to enforce compliance among lenders regarding their obligations to assist customers in financial distress.
Source: YAHOO