NAB’s UK fine shows the way for ASIC

The $40m fine levied on National Australia Bank's (ASX:NAB) UK offshoots, Clydesdale Bank and Yorkshire Bank, is big bikkies even for a big bank. We can only hope ASIC is paying attention.

The problems have been mounting for the big banks in Australia, with mis-selling allegations flowing fast. We’ve had whistleblowers, mea culpas and the odd compensation scheme – see Screwed by the ‘CAN’ Bank, The financial planning quagmire and Another rotten apple on the main Intelligent Investor Share Advisor site for the sordid details.

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