Australian Securities and Investments Commission v National Australia Bank Limited [2020] FCA 1494

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v National Australia Bank Limited [2020] FCA 1494 File number: NSD 1355 of 2019

Judge: LEE J

Date of judgment: 19 October 2020

Catchwords: BANKING AND FINANCIAL INSTITUTIONS –National Consumer Credit Protection Act 2009 (Cth) – prohibition under s 31 on holder of Australian Credit Licence from conducting business with an unlicensed person – obligation on licensee under s 47(1)(a) and (d) to do all things necessary to ensure authorised credit activities engaged in efficiently, honestly and fairly – NAB's "spot and refer" programme – unlicensed "Introducers" received commission payments to "spot" prospective customers and "refer" them to bankers – admitted contraventions – where investigation by ASIC limited to very small segment of programme – where investigation and proceeding brought in relation to conduct self-reported by NAB – where declaratory relief sought – consideration of inutility of repetitive declarations sought by ASIC – pecuniary penalties – consideration of relevant principles – consideration of course of conduct principle and totality principle

Legislation: Australian Securities and Investments Commission Act 2001 (Cth) Corporations Act 2001 (Cth) s 912D Evidence Act 1995 (Cth) ss 140, 191 Federal Court of Australia Act 1976 (Cth) s 21 Judiciary Act 1903 (Cth) s 39B(1A)(c) National Consumer Credit Protection Act 2009 (Cth) ss 8, 9, 31, 38, 47(1), 166 Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019 (Cth) National Consumer Credit Protection Regulations 2010 (Cth)