On 26 August 2021, Davis J of the Federal Court of Australia ordered the National Australia Bank ("NAB") to pay a civil penalty of $18.5 million for failures relating to misleading fee disclosure statements between December 2013 and February 2019. The court found that NAB had (i) charged fees for personal advice without giving customers compliant fee disclosure statements; (ii) failed to provide fee disclosure statements within the required timeframe; and (iii) made false or misleading representations in fee disclosure statements about the amount clients had paid for services and services which the clients received. NAB admitted that its conduct contravened the Corporations Act and the ASIC Act and agreed orders resolving the issue of liability with ASIC, which were put before the court. On penalty, ASIC submitted the appropriate penalty was $40 million, whereas NAB submitted the appropriate penalty was $15 million.