NAB’s UK fine shows the way for ASIC

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.So far, though, ASIC has resisted the urge to serve up any major fines – but it was shown the way overnight by the UK’s Financial Conduct Authority (FCA), which has levied a £20.7m fine on Clydesdale Bank and Yorkshire Bank, UK offshoots of National Australia Bank (ASX: NAB). That’s...

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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