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Reuters
Reuters
Business
Scott Murdoch and Byron Kaye

Australia's NAB faces 'fees for no service' lawsuit

FILE PHOTO: The logo of National Australia Bank is displayed outside the firm's headquarters in central Sydney, Australia, Aug.4, 2017. REUTERS/David Gray/File Photo

SYDNEY (Reuters) - Australia's securities regulator on Tuesday filed a lawsuit against National Australia Bank Ltd <NAB.AX> accusing it of charging financial advice customers "fees for no service", even as a government-ordered inquiry lambasted the industry for the practice.

The misconduct allegations are the latest to hit Australia's financial sector after Westpac Banking Corp <WBC.AX> was sued for breaches of anti-money laundering laws, including facilitating payments to child exploiters.

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