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NAB (ASX:NAB) shares take a jab from ASIC

It’s no secret that National Australia Bank Ltd (ASX: NAB) is copping a lot of flak from the regulator. So, what is it this time and how will it affect the NAB share price?

NAB share price

Source: Rask Media NAB 2-year share price chart

$40M penalty

As reported in the Australian Financial Review, the Australian Securities & Investments Commission (ASIC) is seeking a penalty of $40 million against NAB for false and misleading conduct. The conduct relates to supplying defective fee statements.

NAB’s legal team argued a penalty of $15 million was more appropriate.

Their justification for $15 million was that it, “would comfortably meet the objects of specific and general deterrence in this matter“.

To date, NAB has admitted to a significant number of breaches of various sections of the Corporations Act 2001.

More importantly, the big 4 bank confessed that it failed to maintain, “policies, procedures and systems” to ensure services were provided as promised and also failed to ensure its staff “were adequately trained, and were competent, to provide financial services”.

My take on NAB

The exact amount of the penalty is still up in the air, which I don’t think is the key concern.

I am more worried about NAB’s progress in addressing the wide range of governance issues identified by ASIC.

It’s an important area to monitor because any further issues will detract the bank from focusing on its core operations.

If you’re on the hunt for ASX growth shares, I’d recommend signing up for a free Rask account to gain access to our stock reports.

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Are you stuck wondering where to invest right now? Have you got cash 'sitting on the sidelines'? Are you looking for dividend income AND growth but don't know where to start? Rask's expert ASX analyst team has just released a full report, detailing where we'd invest $10,000 right now.

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At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned

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