Two NAB-owned superannuation businesses have been ordered to pay $57.5 million in penalties after the Federal Court found they misled customers and wrongly charged fees.
MLC Nominees and NULIS Nominees must pay $49.5 million and $8 million respectively for deducting plan service fees from customers, after ASIC took them to court.
Between September 2012 and June 2016, MLC charged $33.6 million in plan service fees from about 220,000 customers using MasterKey business and personal superannuation who did not have a plan adviser.
Between September 2012 and September 2018, MLC and NULIS charged $71.9 million in plan service fees from about 457,000 customers using MasterKey personal super linked to plan advisers.
The court found the businesses breached the Corporations Act by failing to ensure the services were provided efficiently, honestly and fairly.
The businesses also failed to tell some customers they could “turn off” the plan service fee, according to the court.
ASIC deputy chair Daniel Crennan said thousands of unsuspecting customers had suffered substantial financial loss.
The bank has been contacted for comment.
NAB shares were trading higher by 1.98 per cent to $17.49 at 1442 AEST.