I wish we had acted sooner says NAB chairman

27 November 2018
| By Mike |
image
image
expand image

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.

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 5 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

17 hours 57 minutes ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 3 days ago