I wish we had acted sooner says NAB chairman

The chairman of National Australia Bank (NAB), Ken Henry has told the Royal Commission he wishes the bank’s board had stepped in earlier to resolve a financial advice customer remediation process which had taken more than three years.

In a curt exchange with counsel assisting the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, Rowena Orr QC, Henry said the board had been angered by a highly critical letter received from the Australian Securities and Investments Commission (ASIC) referring to the bank’s approach to customer remediation.

However, he said that receipt of the letter had represented a “turning point” and that the bank’s management had, at the insistence of the board, acted urgently to address the issue.

Related News:

Asked why the board had not stepped in earlier, Henry said he wished it had.

Questioned by Orr why the board had not told the bank’s management to “get it fixed and get it fixed now”, Henry said that while those words might not have been used, the management could not have mistaken the attitude of the board.

“We were pretty cross,” he said.




Related Content

Budget delivers on ASIC and APRA funding

The Government confirmed its pre-Budget announcements on increased funding to both the Australian Securities and Investments Commission (ASIC) and the...Read more

NAB remediation bill rises another $525 million

National Australia Bank (NAB) has upgraded the cost of financial planning client remediation.The big banking group has announced to the Australian Sec...Read more

Consolidation won’t end low-balance super accounts

Legislation to consolidate low-balance superannuation accounts needs to go further if it is to prevent a cycle of unintended accounts still being crea...Read more

Author

Comments

Add new comment