Australia Inquiry Finds Pension Funds Broke Rules

Australia Inquiry Finds Pension Funds Broke Rules
File photo: A Commonwealth Bank logo adorns an Automatic Tellar Machine (ATM) located in Sydney, Australia, in this picture taken November 12, 2014. REUTERS/David Gray/File Photo
Reuters
Updated:

SYDNEY—Initial findings from a powerful inquiry into Australia’s financial sector strongly criticized pension funds run by National Australia Bank and Commonwealth Bank for regulatory breaches including overcharging customers and failing to act in their best interest.

The findings from the Royal Commission, released late Aug. 24, said some banks acted in an “ethically unsound” manner with a disregard for regulators and the law, and also criticized two of the country’s financial watchdogs.