The NAB’s actions on the Royal Commission recommendations

Company News

by Rachael Jones

The National Australia Bank (ASX:NAB) today detailed its range of actions to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

They agreed with all of the recommendations regarding culture and governance, superannuation, financial advice, insurance and regulators and other areas.

They agreed with 13 of the 17 recommendations regarding banking.

Some of the points they didn’t agree with were mortgage broker renumeration and mortgage brokers as financial advisors. They will work with the Treasury-led working group on this.

They also disagreed with the definition of 'small business'. They support the intent to expand the definition.

Group CEO Philip Chronican says NAB had completed or was in the process of implementing 26 of the recommendations.

Shares in National Australia Bank (ASX:NAB) are trading 0.6 per cent higher to $25.22.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.