National Australia, Commonwealth Bank May Face Criminal Charges
- Lenders repeatedly breached law, inquiry counsel says
- AMP, Suncorp, IOOF, ANZ also cited for potential breaches
Photographer: Carla Gottgens/Bloomberg
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National Australia Bank Ltd. and Commonwealth Bank of Australia may face criminal charges over multiple breaches of the law in their treatment of pension customers, an inquiry into misconduct in the financial industry has been told.
The two lenders faced particular criticism in a 200-page closing statement by counsel assisting the inquiry Michael Hodge following 10 days of evidence on the superannuation industry. AMP Ltd., Suncorp Group Ltd., IOOF Holdings Ltd. and Australia & New Zealand Banking Group Ltd. were also cited for potential legal breaches.