Original article by Elizabeth Redman
The Australian – Page: 17 & 20 : 20-Aug-18
The banking royal commission has spent the last two weeks grilling the superannuation sector over its fees and practices. Companies under the commission’s microscope have included National Australia Bank, with Australian Securities & Investments Commission deputy chairman Peter Kels stating that it planned to submit a brief to the Director of Public Prosecutions in regard to NAB’s "fee for no service" scandal. Meanwhile, it has been revealed that NAB unit MLC charges members of at least 10 super funds up to double the fees that are imposed by the fund’s external managers.
AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, MLC LIMITED, THE VANGUARD GROUP INCORPORATED, MACQUARIE GROUP LIMITED – ASX MQG, PERPETUAL LIMITED – ASX PPT, PACIFIC INVESTMENT MANAGEMENT COMPANY LLC