Australian Securities and Investments Commission v National Australia Bank Limited [2022] FCA 1324

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v National Australia Bank Limited [2022] FCA 1324 File number: QUD 54 of 2021

Judgment of: DERRINGTON J

Date of judgment: 7 November 2022

Catchwords: CORPORATIONS – false, misleading or deceptive conduct – whether contraventions of ss 12DA and 12DB of the Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act) – relevant principles – representations to a class of persons – whether representations made – narrations on bank statements – whether representations to be derived from the narration – explanatory notes – Code of Banking Practice – whether representations by the performance of a contract CORPORATIONS – ASIC Act – unconscionable conduct – relevant principles – statutory unconscionability – whether conduct was unconscionable in all the circumstances – remediation of overcharging – contraventions of ss 12CB and 12CC of the ASIC Act CORPORATIONS – financial services licence – licence obligations – whether financial services provided efficiently, honestly and fairly – lack of adequate systems – contraventions of s 912A(1) of the Corporations Act 2001 (Cth) – several overlapping charges

Legislation: Australian Securities and Investments Commission Act 2001 (Cth) Corporations Act 2001 (Cth) Evidence Act 1995 (Cth)

Cases cited: ACCC v Coles Supermarkets Australia Pty Ltd (2014) 317 ALR 73 ACCC v Dukemaster Pty Ltd [2009] FCA 682 ACCC v Get Qualified Australia Pty Ltd (in liq) (No 2) [2017] FCA 709 ACCC v Productivity Partners Pty Ltd (No 3) (2021) 154 ACSR 472 ACCC v Quantum Housing Group Pty Ltd (2021) 285 FCR 133 ACCC v Telstra Corporation Limited [2018] FCA 571 ACCC v TPG Internet Pty Ltd (2013) 250 CLR 640 Allianz Australia Insurance Limited v Delor Vue Apartments CTS 39788 (2021) 287 FCR 388 ASIC v BT Funds Management Ltd (2022) 159 ACSR 381 ASIC v Dover Financial Advisers Pty Ltd (2019) 140 ACSR 561 ASIC v Kobelt (2019) 267 CLR 1 ASIC v MLC Nominees Pty Ltd (2020) 147 ACSR 266 ASIC v Westpac Banking Corporation (No 2) (2018) 266 FCR 147 ASIC v Westpac Securities Administration Ltd (2019) 272 FCR 170 Australian Consumer and Competition Commission v Medibank Private Ltd (2018) 267 FCR 544 Australian Investments and Securities Commission v AGM Markets Pty Ltd (in liq) (No 3) (2020) 275 FCR 57 Australian Investments and Securities Commission v Westpac Banking Corporation (No 2) (2018) 266 FCR 147 Australian Securities and Investments Commission v Australia and New Zealand Banking Corporation (No 3) [2020] FCA 1421 Campbell v Backoffice Investments Pty Ltd (2009) 238 CLR 304 Campomar Sociedad Limitada v Nike International Ltd (2000) 202 CLR 45 Compania Naviera Maropan S/A v Bowaters Lloyd Pulp and Paper Mills Ltd [1955] 2 QB 68 Fairfax Digital Australia & New Zealand Pty Ltd v Ibrahim (2012) 83 NSWLR 52 Google Inc v ACCC (2013) 249 CLR 435 McWilliam's Wines Pty Ltd v L S Booth Wine Transport Pty Ltd (1992) 25 NSWLR 723 Money Max Int Pty Ltd v QBE Insurance Group Ltd (2016) 245 FCR 191 Paciocco v Australia and New Zealand Banking Group Ltd (2015) 236 FCR 199 Project Blue Sky v Australian Broadcasting Authority (1998) 194 CLR 355 Robt Jones (363 Adelaide Street) Pty Ltd v First Abbott Corporation Pty Ltd [1997] QSC 210 SAP Australia Pty Ltd v Sapient Australia Pty Ltd (1999) 169 ALR 1 Unique International College Pty Ltd v ACCC (2018) 266 FCR 631 Wright v TNT Management Pty Ltd (1989) 15 NSWLR 679