<p>Australia's federal court has fined pension funds run by National Australia Bank A$57.5 million ($41.9 million) for charging fees with no service to thousands of retirees, the country's corporate watchdog said on Monday.</p>.<p>The court ruling says NULIS Nominees and MLC Nominees, trustees of pension fund products sold by NAB, deducted about A$100 million in fees from about 677,000 retirees between 2012 and 2018 for plans in which they either did not have an adviser or did not need one.</p>.<p>The decision comes after a civil lawsuit was by Australian Securities and Investments Commission (ASIC) in September 2018 following a public inquiry that exposed widespread misconduct in the financial sector.</p>.<p>NAB admitted in a separate statement that its trustees' conduct was "misleading" and breached certain ASIC acts. It also said that by May 2019, a total of A$117 million had been paid to members who were affected.</p>.<p>Last month, the company agreed to sell the MLC business to IOOF Holdings Ltd for A$1.4 billion, while Australia's financial regulator imposed additional conditions to the licenses of NAB's pension funds to improve financial controls.</p>
<p>Australia's federal court has fined pension funds run by National Australia Bank A$57.5 million ($41.9 million) for charging fees with no service to thousands of retirees, the country's corporate watchdog said on Monday.</p>.<p>The court ruling says NULIS Nominees and MLC Nominees, trustees of pension fund products sold by NAB, deducted about A$100 million in fees from about 677,000 retirees between 2012 and 2018 for plans in which they either did not have an adviser or did not need one.</p>.<p>The decision comes after a civil lawsuit was by Australian Securities and Investments Commission (ASIC) in September 2018 following a public inquiry that exposed widespread misconduct in the financial sector.</p>.<p>NAB admitted in a separate statement that its trustees' conduct was "misleading" and breached certain ASIC acts. It also said that by May 2019, a total of A$117 million had been paid to members who were affected.</p>.<p>Last month, the company agreed to sell the MLC business to IOOF Holdings Ltd for A$1.4 billion, while Australia's financial regulator imposed additional conditions to the licenses of NAB's pension funds to improve financial controls.</p>