FEDERAL COURT IN AUSTRALIA PENALIZES NAB FOR LOAN SELLING SCHEME

HIGHLIGHTS

• The federal court fined Nation Australia Bank has been fined $15 million for its program of permitting unlicensed and untrained people to do sales of their home loans scheme to borrowers

The bank admitted to 260 breaches of the Credit Act and was granted a fine of $100,000 per breach. The court said the fine was limited to $15 million because of its admittance with the controller.....