Shareholders have vented their anger at the NAB board during the company's annual general meeting after it was revealed the bank is under investigation for charging fees for no service.
The Australian Securities and Investment Commission has launched legal proceedings against National Australia Bank for fees for no service and fee disclosure statement failures.
ASIC alleges NAB failed to provide ongoing financial planning services to a large number of customers while charging fees to those customers.
It also alleges the bank held fee disclosure statements containing false or misleading representations that did not accurately describe the fees the customer paid and/or the services the customer actually received.
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