National Australia Bank (NAB) has dismissed 20 bankers in New South Wales and Victoria and disciplined an additional 32 bankers for issuing home loans to customers based on inaccurate information.
NAB said that it first came to know of the matter in October 2015 and after a review, found nearly 2,300 home loans since 2013 that may have been submitted without accurate customer information or documentation.
Go deeper with GlobalData
NAB said that it got into touch with Australian Securities and Investments Commission regarding the matter since December 2015. The bank also said that it will compensate affected customers if required and will appoint an independent expert to carry out audits of the remediation programme.
ASIC will be updated every two months on the progress of the remediation programme, the bank said.
NAB chief customer officer for consumer banking and wealth, Andrew Hagger said: “What occurred was unacceptable. We have investigated this matter thoroughly, and, as we have always said, whenever we find issues we will investigate them, fix them, and hold people to account – and we did.”
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
