8 November 2018
NAB’s response to the Royal Commission Interim Report
NAB’s response to the Royal Commission interim report was submitted on 26 October 2018 and can now be viewed on the Commission’s website.
In an opening letter accompanying NAB’s submission, NAB Group CEO Andrew Thorburn acknowledged that the Royal Commission had been confronting and challenging for the financial services industry, for NAB and for its people.
“The interim report is fair and balanced, and poses many important questions of policy and practice. In responding, we have challenged ourselves to think deeply and differently about current industry norms, as well as our own sometimes long-held positions and practices”, Mr Thorburn said.
“In order for Australia to be ready for both the risks and opportunities we face in the future, we need banks that are strong. But strength is more than just about balance sheet or profitability – it is also about being valued by customers for the products and services we provide.”
While NAB had responded to many issues raised by the Commission through various reforms announced this year, Mr Thorburn said further actions would be taken to earn the trust and confidence of customers, shareholders and the community.
28 September 2018
Statement on the Royal Commission interim report – NAB CEO Andrew Thorburn
“I have had the opportunity to read the summary of the Royal Commission interim report and will review the report in more detail over the weekend. I would like to thank the Commissioner for his thoroughness and diligence.
For us at NAB, where we have made mistakes or done the wrong thing, we will own them and fix them. It is difficult to face the statement of ‘profits before people’, but this is exactly what we need to confront. Banking was built on putting people first and earning the trust of customers. We must return to these principles once again, rather than continuing to be short term managers.”
20 April 2018
Media Statement on the Royal Commission – NAB CEO Andrew Thorburn
“I’ve been a proud banker for more than 30 years – but no leader in our industry could be proud of what we have heard during the Royal Commission.
The Australian community has heard confronting evidence that is unacceptable.
Our people have heard this too, and they are hurting because they know this is not what banking stands for, or why they turn up to serve their customers and communities every day to do the right thing.
It is now clear to me that the Royal Commission is necessary and justified. Customers and their concerns are being heard through this process, and it is important that as an industry we learn from what we hear, and that this intervention becomes the catalyst for the industry to restore the trust and respect of the community.
NAB is committed more than ever to the changes we have made, and will continue to make, to ensure customers come first – always.”
13 March 2018
Royal Commission – round 1 hearings
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry will hold its first round of public hearings from Tuesday 13 March to Friday 23 March, in Melbourne. NAB will be appearing at the hearings, which commence at 10am on 13 March and will be streamed lived through the Royal Commission’s website.
The Royal Commission has indicated the first round of public hearings will consider aspects of the treatment of consumers by banking and financial services providers in connection with a number of credit products, including residential mortgages, car finance and credit cards. It will also consider the arrangements and practices of banking and financial services providers and their intermediaries.
NAB CEO Andrew Thorburn has written an open letter to customers, employees, shareholders and the community about the journey we’re on to grow and change – and how the Royal Commission will challenge us to be even better.
12 February 2018
Royal Commission – first public hearing
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry will hold its initial public hearing this morning, at 10am in Melbourne. The hearing will be streamed lived through the Royal Commission’s website.
We look forward to hearing from the Royal Commission as it considers all responses and submissions – and outlines the next steps.
08 February 2018
NAB waives customer confidentiality clauses for Royal Commission
Attributable to Sharon Cook, NAB’s Chief Legal and Commercial Counsel
“If any of our customers want to make a submission to the Royal Commission we encourage them to do so and we will waive any confidentiality obligations they have agreed to when resolving an issue with NAB.
“We are doing this because it is important to us that we support customers being heard by the Royal Commission.
“We have also communicated to our people we fully support them making a submission to the Royal Commission if they would like to.”
29 January 2018
NAB Royal Commission Response
NAB confirms it will today provide its response to a request for information from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
This response is to correspondence from Commissioner Ken Hayne AC QC dated 15 December, 2017. In his letter, the Commissioner requested that NAB identify misconduct or conduct which NAB considers has not met community standards and expectations since January 2008.
NAB Chief Legal and Commercial Counsel Sharon Cook said: “NAB is committed to fully co-operating with the Royal Commission and welcomes the opportunity to assist by answering the information request.
“We will respect the processes that the Commissioner puts in place and now look forward to hearing from the Royal Commission as it considers all responses and submissions – and outlines the next steps.”
Mrs Cook said that NAB remains focussed on building the trust and respect of customers and community confidence in the sector.
“We will continue listening to customers to understand how we can serve them better, what we can do to improve and what we need to fix,” she said.
“It is important to NAB, our customers and the community that we learn from the past and work together to build a better banking industry. That’s why we support customer voices being heard by the Royal Commission.
“We are committed to addressing customer complaints. We want to hear from any of our customers who have issues or concerns with NAB. We also respect our customers’ right to raise their concerns with the Royal Commission and we encourage them to make a submission if they would like to.”
NAB’s bankers have today received information to support customers who want to make a submission to the Royal Commission. Customers can also contact NAB directly on 1800 152 015 or speak to their banker.