July 26, 2018 / 12:46 AM / a month ago

UPDATE 1-Australia's NAB says MLC trustee switches off fee of certain plans

(Adds information on other MLC products, background)

July 26 (Reuters) - National Australia Bank Ltd said on Thursday that its retirement fund MLC’s trustee will stop deducting plan service fees from certain member accounts from Sept. 30.

The 305,000 members of the MLC MasterKey Personal Super will be fully refunded an average of about A$220 ($164) per member, plus interest, the lender said in a statement.

NAB said the refund will not be material to its second-half earnings as it has already made provisions for it.

The Melbourne-based bank also said that it will stop collecting plan service fees from members of MLC MasterKey Business Super on Nov. 30 2018, subsequent to which none of the products offered by MLC will have a plan service fee.

Earlier this month, Macquarie Group Ltd said its wealth management advisers will stop taking commissions for selling the company’s products, a practice widely expected to be outlawed following a banking inquiry.

Macquarie’s move to drop commissions for staff who sell the company’s own wealth products to customers had come after the country’s No. 2 and No. 3 banks, Westpac Banking Corp and Australia and New Zealand Banking Group Ltd, said they would stop the practice.

$1 = 1.3414 Australian dollars Reporting by Aditya Soni in Bengaluru; Editing by Stephen Coates

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