Video: Welfare recipients eligible for two cash payments of $250 (ABC NEWS)

Welfare recipients eligible for two cash payments of $250

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By Paulina Duran



a sign in front of a tall building in a city: FILE PHOTO: The logo of the National Australia Bank is displayed outside their headquarters building in central Sydney


© Reuters/DAVID GRAY
FILE PHOTO: The logo of the National Australia Bank is displayed outside their headquarters building in central Sydney


SYDNEY (Reuters) – National Australia Bank , the country’s third largest lender, has admitted to misleading customers more than a thousand times in a lawsuit accusing its financial planners of charging fees for no service, according to court documents.

According to an Oct. 2 document on agreed statements of facts and admissions filed with the Federal Court, the bank admitted to some but not all of the accusations levelled at it by the Australian Securities and Investments Commission (ASIC).

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NAB clients received written statements that contained service representations that were “misleading or deceptive or likely to mislead or deceive” on 1,485 occasions, the document said.

On another 225 occasions, the bank failed to provide clients with fee disclosure statements in a timely manner as required by law, it also said.

In December 2019, the regulator accused NAB of 8,927 cases of fees for no service and 3,420 instances of unconscionable conduct. ASIC said the fees were even charged to customers during 2018 Royal Commission hearings into misconduct in the financial sector, at which the bank’s executives defended the practice.

The bank declined to comment on the case – the second ‘fees for no service’ case brought against it by ASIC. Last month, Australia’s federal court fined pension funds run by NAB A$57.5 million ($41 million) for charging fees with no service to thousands of retirees.

The bank began implementing a program in December 2018 to refund financial planning clients who had paid fees but not received the required

Dennis Dix is Chief Operating Officer at Cerity, an Austin-based data and analytics start-up offering workers’ compensation insurance.

Small-business fees for things like insurance and payroll services always eat away at the bottom line, but as the pandemic drags on, business owners should be increasing their awareness of how to keep these fees under control. Fortunately, several new-model services offer significant savings for businesses in the know.

Today, small businesses can take advantage of significant cost savings when processing payroll. Additionally, worker’s compensation insurance providers could potentially save business owners big money — with the right technology, no commissions and no upfront costs. 

The Future: Direct-To-Consumer Worker’s Compensation

Like never before, small business owners are learning, evaluating and making greater purchasing decisions completely online. As consumers themselves, owners’ expectations are higher. To be successful these days, insurers cannot simply rely on their domain expertise to attract buyers. Now, they must develop an intuitive and attractive user interface that guides users through an efficient process, requiring little data input.

Insurers that embrace a digital-first lens to the customer experience can gain traction with small business owners. For example, my company uses an “outside-in” methodology that offers direct-to-consumer access through a web-based questionnaire and process that can get small business worker’s compensation insurance coverage in as few as five minutes. The direct-to-consumer approach enables small businesses to save significant money by sidestepping traditional retail channels and removing the intermediary. This approach can enable leaders to focus on growing and scaling their operations while saving money.

Pay As You Go: The New Worker’s Compensation Model

“Pay as you go” is another way that small business owners take control of costs. The cost of worker’s compensation insurance (the premium) varies depending on the jurisdiction any given business is in, as well as