A statement from NAB CEO Andrew Thorburn:

Banking has always been about service, integrity, trust and ethics. Today’s announcements are designed to reinforce these standards and enhance our customers’ experience with us.

Our commitment to our customers is to make it easier to do business with us – to make sure that our customers have access to the right products and services and that when things go wrong it’s easier to fix. This announcement today is to make sure that no matter what bank you bank with, customers are safe in the knowledge that each bank puts their customers first.

We believe that our customers deserve the peace of mind that our employees are rewarded for recommending the right products and services for the customer. We intend to strengthen the alignment of remuneration and incentives to customer outcomes. We will work with regulators to implement changes and, where necessary, seek regulatory approval and legislative reform.

We also know that if we get it wrong, we have to make it easier for our customers to have a mistake fixed. We believe that the key to this is greater transparency around our processes.

Culture is important to us. At NAB we are focused on ensuring that our culture is values driven and focused on doing the right thing. That’s why we’ve signed up to the Banking & Finance Oath. Our performance standards and our pay is now tied to the quality of our customers’ experience and living our values.

Today we have commenced writing to our customers, a copy of this can be downloaded here.

++

The Australian Bankers’ Association also released a statement today which can be read here.