20 Oct 2015

NAB welcomes Federal Government’s response to the FSI

NAB today welcomed the Federal Government’s response to the Murray Financial System Inquiry (FSI).

NAB Group Chief Executive Andrew Thorburn said: “We have been strong participants in the FSI process, which importantly aims to strengthen our financial system and make it more transparent and efficient for customers.”

Capital
“We have responded to a number of recommendations on capital adequacy requirements and have taken measures to prepare for this, including the completion of a $5.5 bn rights issue in May.”

Superannuation
“In relation to superannuation, we welcome the determination of the Federal Government to focus on the need for more competition and member choice.”

“NAB has a history of innovation in the superannuation industry including being one of the first super funds to introduce digital advice to our customers two years ago, and we’re committed to recommendations that provide a better customer service for our members.”

“We will work with the Productivity Commission to develop the best model for default superannuation arrangements, which will ultimately lead to better retirement outcomes and returns for consumers.”

Financial advice
“NAB has already strengthened the qualifications of our financial advisers. New NAB financial planners will need to hold a degree qualification and existing senior planners are required to hold a Certified Financial Planner designation or be working towards one. Our submission to the FSI supported a national exam for existing planners.”

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