This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
National Australia Bank has been subject to multiple regulatory enforcement actions for financial misconduct affecting consumers. In August 2021, the Federal Court of Australia ordered NAB to pay an $18.5 million penalty for failures relating to misleading fee disclosure statements, which the regulator stated caused harm to customers. In a separate action concluded in September 2023, the Federal Court fined NAB A$2.1 million for wrongfully charging customers periodic payment fees.
The Australian Securities & Investments Commission (ASIC) is also taking legal action against NAB for alleged market manipulation related to its involvement in setting the bank bill swap rate. Furthermore, in June 2025, NAB paid penalties totalling $751,200 after the Australian Competition & Consumer Commission (ACCC) issued it with four infringement notices. This pattern of enforcement actions across multiple regulators and years demonstrates systemic issues in fee transparency, fair charging, and market conduct.
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.