NAB Superannuation Providers to Pay $57 Million in Penalties

The logo of the National Australia Bank is displayed outside its headquarters building in central Sydney, Australia, on Aug. 4, 2017. David Gray/File Photo via Reuters

Two NAB-owned superannuation businesses have been ordered to pay $57.5 million in penalties after the Federal Court found they misled customers and wrongly charged fees.

MLC Nominees and NULIS Nominees must pay $49.5 million and $8 million respectively for deducting plan service fees from customers, after ASIC took them to court.