The fine faced by National Australia Bank after overcharging about 5700 customers in account fees is “woefully insufficient”, a Federal Court judge says.
It has suffered a $2.1m fine, but even the judge says this is “woefully insufficient”.
The penalty, imposed by the court on Friday, comes 11 months after the bank was found to have engaged in “unconscionable conduct”, following anNAB apologised to customers and said it had conducted an $8.3 million remediation program.Justice Roger Derrington said the bank had “unjustifiably advanced its self-interest whilst knowing that its customers were oblivious to the wrongful charging”.
The overhauled law now allows fines to extend to the greater of $10 million, three times the cash benefit of the conduct to the company, or 30 per cent of the company’s turnover at the time of the breach.
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