NAB

This article is going to make a lot of people very angry. Sadly, those that are going to be angry are those that have been found out; those that should be angry - the consumers who have been misled and the tax payers who have supported the rampant charge into FinTech support by regulators and, even, the banks who have had their business models and even management plans disrupted, in the true sense of the word, by the host of millennial-targeting banks that pretended they were not banks, supported in that subterfuge by regulators - are not going to be angry.

Yesterday, it was reported that a former branch manager with National Australia Bank had been convicted of fraud and that other prosecutions were in the pipeline. Today, ASIC, the Australian financial regulator, has said that it has issued proceedings against the bank. Is it a coincidence? One thinks not.

National Australia Bank was a victim of a scheme under which a former employer secretly transferred financial planning clients to a company he joined, according to charges filed against him.

In a majorly embarrassing incident, has imposed additional licence conditions on the Australian financial services licence of NAB's superannuation trustee, NULIS Nominees (Australia) Limited (NULIS), following breakdowns in internal procedures.