ASIC v NULIS Nominees (NAB super misleading fees)
civil penalty16 Sept 2022Penalty $57.00M
Respondent
NULIS Nominees (Australia) Ltd
Facts
NULIS deducted plan service fees from MasterKey super customers' accounts even where customers had no plan adviser entitled to fees.
Outcome
Federal Court imposed $57 million civil penalty.
Read the source
https://asic.gov.au/about-asic/news-centre/find-a-media-release/Rules Mate links to the regulator's own publication. We do not republish full decision text. Always verify the latest status against the source before acting.