NAB’s WealthHub pays over $1m fine for decade-long reporting failures
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The news: ASIC’s Markets Disciplinary Panel (MDP) has fined NAB’s wholly owned subsidiary online broker WealthHub over $1 million following an investigation into its failure to accurately report regulatory data more than 9.5 million times over a 10-year period.
The context: This penalty follows an ASIC investigation which found that WealthHub failed to provide complete and accurate regulatory data.
The MDP determined that the broker failed to maintain the necessary organisational and technical resources to comply with its reporting obligations between 28 July 2014 and 31 October 2024.
The MDP subsequently identified that WealthHub repeatedly failed to provide the intermediary ID from trade reports submitted to market operators, including ASX.
The panel also noted a failure to dedicate appropriate resources to ensure accurate data entry. The regulator confirmed that WealthHub has complied with the infringement notice and paid the penalty.
The source: ASIC media release
