Specter of Criminal Charges Raised at Australian Bank Inquiry
- National Australia Bank unit extracted fees from dead clients
- Thorburn says lender was too slow to act, compensate customers
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National Australia Bank Ltd.’s wealth and pension units have joined the unenviable list of firms to have fallen foul of an government-appointed inquiry into misconduct in the country’s financial industry.
The prospect of criminal charges against National Australia over charging customers fees when no service was provided was raised during this week’s hearings. The Melbourne-based bank joined Commonwealth Bank of Australia as having extracted fees from accounts of clients who had died.