(NAB), Australia's National Bank, continues to collect consulting fees from pensioners after their deaths, according to a survey.
The Commissioner of the Royal Banking Commission has raised the question of whether the financial services industry continues to charge services to those who do not receive services, in violation of criminal and civil laws.
NAB paid more than 100 million yuan in compensation to pensioners because the bank charged them a general consulting fee for a package and their accounts were not linked to consultants at all.
The bank, which owns Australia's largest retail superfund, admitted that in the absence of services, pension members would also be charged consultancy services.
Nicole Smith (Nicole Smith), chairman of the recently retired pension trustee NULIS, revealed that after NULIS or another trustee was informed of the death of a member, the bank still deducted consultancy services from the member's account.
In a statement to the Royal Bank Commission, Smith said this would happen "for some time," or until retirement benefits were paid.
Smith said Wednesday that the issue had been confirmed in May, and regulators announced the issue in June.
Some advisers to Count Financial, a subsidiary of Australia's Federal Bank, continued to charge clients after their customers died, according to hearings, a financial consultancy in May, one of which was charged for more than a decade.
Mr. Smith of NAB outlined other costs, including the absence of active consultants and the retention of fees by fund managers rather than paying consultants for pension clients who are still being charged for unserviced services.
The bank denies doing everything it can to avoid returning money to pension clients who do not enjoy services but are still charged.
Last year, the Australian Securities and Investments Commission (ASIC) imposed additional licensing conditions on NULIS's internal procedural steps, in part because of the cost of package services.
The 2016 documents show that the ASIC tends to be enforced.
Hodge (Michael Hodge), senior counsel to assist the Royal Commission, asked the trustees if they thought it was reckless, as ASIC did not recommend action against ASIC or the administrator.
Smith said absolutely not, because the trustee did not take into account the possibility of facing civil proceedings.