NAB chairman suggests unilateral client remediation

27 November 2018
| By Mike |
image
image
expand image

National Australia Bank (NAB) chairman, Ken Henry has suggested that the Australian Securities and Investments Commission (ASIC) need not be consulted and that organisations such as the banks should just get on with customer remediation where wrongdoing has occurred.

Giving testimony before the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, Henry acknowledged that NAB’s reputation had been “tarnished considerably” by adviser service fee issues and the manner in which they had been handled by management.

“I wish we could have said to management ‘enough is enough, forget about ASIC just do’,” Henry said.

When asked what he meant by “just do it”, the NAB chairman said he meant remediating customers.

In doing so, Henry suggested that the Royal Commission might pursue recommendations which gave banks scope to take such an approach, noting that there currently existed a danger that banks might move to remediate customers only to be told by ASIC years later that the remediation was not enough.

Read more about:

AUTHOR

 

Recommended for you

 

MARKET INSIGHTS

sub-bg sidebar subscription

Never miss the latest news and developments in wealth management industry

Avenue 17

I apologise, but, in my opinion, you are not right. I am assured. Let's discuss it. Write to me in PM, we will communica...

9 hours ago
Robert Segue

Sounds like a schoolyard childish scrap! take it behind the shelter sheds and sort it out! Really Publicly listed compa...

1 day 9 hours ago
JOHN GILLIES

iN THE END IT IS THE REGULATORS FAULT. wHILE I WAS WORKING I WAS ALLWAYS AMAZED AT HOW UNTHINKING SOME CLIENTS WERE! I...

1 day 13 hours ago

AustralianSuper and Australian Retirement Trust have posted the financial results for the 2022–23 financial year for their combined 5.3 million members....

9 months 2 weeks ago

A $34 billion fund has come out on top with a 13.3 per cent return in the last 12 months, beating out mega funds like Australian Retirement Trust and Aware Super. ...

9 months 1 week ago

The verdict in the class action case against AMP Financial Planning has been delivered in the Federal Court by Justice Moshinsky....

9 months 2 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND