NAB entities NULIS and MLC Nominees are being taken to the Federal Court by the corporate regulators for charging superannuation members for services that were not provided.
In a statement this afternoon, ASIC said it has commenced court proceedings against NULIS Nominees and MLC Nominees.
“ASIC alleges that NULIS and MLC Nominees (as the current and former superannuation trustee of NAB) misled members of MLC MasterKey Super products,” the statement said.
The corporate regulator is alleging that both entities deducted $33 million in plan service fees from 220,000 MLC superannuation members who did not have an adviser.
Furthermore, NAB deducted around $67 million plan service fees from 300,000 members of MLC MasterKey Personal Super where members did not need services and advisers did not provide services.
“ASIC seeks from the Federal Court declarations of contravention and a civil penalty,” the statement said.
The corporate regulator alleges that NULIS and MLC Nominees:
This includes issuing “defective disclosure statements”; “failing to exercise the degree of skill, care and diligence as a prudent trustee would exercise”; and “failing to act in the best interests of members”.
Stimulate new ideas. Stimulate new thinking. Top up your CPD and hear from industry experts with InvestorDaily’s Knowledge Centre. Keep up to date with the latest trends and reforms, all while adding to your CPD. Explore the knowledge centre Knowledge Centre now.
Despite the Australian economy’s ongoing rapid recovery, an Australian equity head believes GDP growth will “fade” in 2022. ...