Australian pension funds broke rules, inquiry finds

Australian pension funds broke rules, inquiry finds

FILE PHOTO: The logo for the Commonwealth Bank of Australia adorns their head office in central Sydney, Australia, October 12, 2017. REUTERS/David Gray/File Photo

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

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