NAB again in adverse media spotlight

NAB the national Australian bank EY Ken Henry SMSFs self-managed super funds Royal Commission EC ASIC australian securities and investments commission APRA australian prudential regulation authority andrew thorburn

2 August 2019
| By Mike |
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The National Australia Bank (NAB) has found itself back in the adverse media spotlight following reports in the Sydney Morning Herald based on leaked documents resulting from an audit conducted by EY dealing with risk management culture.

The report reveals that the documents dealt with an interview between EY and former NAB chairman, Ken Henry in which he was recorded as being “confident” the bank was still selling products that would trigger compensation for customers in the future.

The report suggested that Henry had exampled self-managed superannuation funds (SMSFs) borrowing to invest in managed funds.

The newspaper report said that the whistleblower who had provided the documents was concerned that key failures in governance and risk management had been glossed over and that he had lost patience with both the regulators – the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) – and the Royal commission.

The documents relate to events in 2018 and both Henry and the bank’s then chief executive, Andrew Thorburn, have subsequently departed their roles.

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