Daily briefs

Daily briefs: NAB introducer penalty discounted for cooperation

ASIC deputy chair Daniel Crennan

ASIC deputy chair Daniel Crennan called the NAB introducer decision "an important result", but didn't respond to Justice Michael Lee's assertion of ASIC's lack of "real regulatory desire to pursue a thorough investigation". Image credit: supplied

By Adrian Black
Mon 19 October 2020

The Federal Court fined NAB A$15 million for its 'introducer' program, which allowed unlicensed third parties to generate A$24 billion in loans, costing the bank A$150 million in spotter fees.[.....]

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