Australian Securities and Investments Commission v National Australia Bank Limited [2021] FCA 1013

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v National Australia Bank Limited [2021] FCA 1013 File number(s): VID 1362 of 2019

Judgment of: DAVIES J

Date of judgment: 26 August 2021

Catchwords: BANKING AND FINANCIAL INSTITUTIONS – financial services – ongoing fee arrangements – admitted contraventions of ss 962P and 962S of the Corporations Act 2001 (Cth) (Corporations Act) and ss 12DB of the Australian Securities and Investments Commission Act 2001 (Cth) – declarations of contraventions – assessment of pecuniary penalty – failure to comply with fee disclosure obligations under pt 7.7A of the Corporations Act – where defendant made false and misleading representations to consumers on fee disclosure statements regarding their fees paid and the services provided in statement period – failure to comply with requirement under Australian Financial Services Licence to ensure that financial services provided efficiently, honestly and fairly – failure to establish documented policies, procedures and adequate systems – systemic defects in compliance systems

Legislation: Australian Securities and Investments Commission Act 2001 (Cth) ss 12BAB(1), 12CB, 12DA, 12DB, 12DB(1)(a), 12DB(1)(g), 12GBA, 12GLA Corporations Act 2001 (Cth) ss 761A, 766A, 911D, 912A(1)(a), 912A(1)(b), 912A(1)(c), 912A(1)(ca), 912A(1)(e), 912A(1)(f), 962, 962A, 962B, 962C, 962F, 962G, 962H, 962J, 962P, 962Q, 962S, 1041H, 1101B, 1317E, 1317G(1E), 1317GA Corporations Amendment (Future of Financial Advice) Act 2012 (Cth) Superannuation Industry (Supervision Act) 1993 (Cth) Commonwealth, Corporations Amendment (Future of Financial Advice) Bill 2011, Second Reading Speech, House of Representatives, 13 October 2011 Explanatory Memorandum, Corporations Amendment (Future of Financial Advice) Bill 2012