National Australia Bank (NAB) has been sued by the corporate regulator for failures in dealing with customers experiencing financial hardship.
ASIC has alleged that NAB did not respond to 345 hardship applications within the 21-day time frame legally required.
“We allege NAB unlawfully failed to respond to their customers’ appeal for help when they needed them most,” ASIC chair Joe Longo said.
“These customers included people who were domestic violence victims, battling serious medical conditions, dealing with business closures or job loss.
“NAB’s failures likely compounded the already challenging situation for these people.”
The failures occurred between 2018 and 2023, according to ASIC’s Federal Court filing.
In a statement to the stock exchange, NAB acknowledged the legal action and said it disclosed the issue to ASIC in October 2023.
“We’re sorry that this happened when a number of our customers were in difficult situations and needed us to be there for them,” NAB executive Sharon Cook said.
The bank said it has since worked on a new approach for dealing with hardship, including consulting with consumer advocates.
Loading
