NAB again in adverse media spotlight

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.

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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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This is the first of many as we ban together to reveal nabs toxic culture

Soon we will need just a separate page just for the big groups with all the adverse reporting

SMSF's using LRBA to invest in managed funds? new one to me

SMSF have been able to avail themselves of margin loans for eons, so can borrow to buy managed funds and direct shares, if its structured as a non recourse facility. For example nab super lever. Lets not forget the old portfolio loans that were offered by the banks as well.

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