Asic sues NAB over $24bn home loan 'introducer' scheme

The corporate regulator says National Australia Bank broke credit law, exposing customers and itself to potential fraud

The corporate regulator has launched legal action against National Australia Bank seeking fines of up to $530m over a program the bank ran where it paid "introducers" including gym instructors and hairdressers to bring in home loan customers.

NAB's introducer program was closely examined during last year's banking royal commission, which heard evidence that the program helped contribute to fraud by bankers in western Sydney who were accepting cash kickbacks to write home loans.