National Australia Bank (NAB) is facing Federal Court action initiated by the Australian Securities and Investments Commission (ASIC) for allegedly failing to deal with 345 customers seeking hardship support in a timely fashion. ASIC announced that it had commenced the action and will be alleging that between 2018 and 2023, NAB and its subsidiary AFSH Nominees Pty Ltd (AFSH) did not respond to 345 hardship applications within the 21-day timeframe required by law. Commenting on the action, ASIC Chair Joe Longo said: "We allege NAB unlawfully failed to respond to their customers' appeal for help when they needed them most. "These customers included people who were domestic violence victims, battling serious medical conditions, dealing with business closures or job loss. NAB's failures likely compounded the already challenging situation for these people.