NAB again in adverse media spotlight

2 August 2019
| By Mike |
image
image
expand image

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.

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 3 days 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 1 day ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 5 days ago