SYDNEY—National Australia Bank will compensate thousands of pension fund customers who had paid for advice they did not receive, Australia’s financial-sector inquiry heard on Aug. 6 as it turned its sights on the pension industry.
The first day of hearings into Australia’s A$2.6 trillion ($1.9 trillion) pension system heard that a unit of NAB, the country’s fourth-largest bank, had charged customers “plan service fees” for advice they did not receive.
