The Finance Sector Union of Australia (FSU) and its members have watched with alarm as evidence about the National Australia Bank’s (NAB) Wealth division has been revealed to the Royal Commission this week.
“The evidence clearly shows that NAB bent over backwards to find a way to maintain fees,” said FSU National Secretary Julia Angrisano.
“There is no doubt that there are deep and systemic cultural problems within the financial institutions, most recently at NAB Wealth,” she said.
“Charging fees for no service is bad enough but when a bank starts charging dead people for financial advice, it represents a new low,” Ms Angrisano said.
“Whether the NAB’s behaviour represented a ‘conflicted’ or a ‘hopelessly conflicted‘ position is splitting hairs. What we are seeing unveiled here are some of the worst excesses by any Australian bank which has severely disadvantaged customers,” she said.
Ms Angrisano said Mr Hayne and his team should be looking at the NAB’s remuneration record in light of this week’s evidence.
“The Commission has so far failed to examine in meaningful detail the impact of remuneration of senior executives on behaviours and we would like to see a detailed look at this issue before this Commission is over.”
“There is also an urgent need to look closely at governance and cultural practices which are at the heart of the rotten core of Australian banking.”
“If Commissioner Hayne truly believes criminal charges are warranted when banks took money from customers when there was no entitlement to do so, then we would urge him to make appropriate recommendations.”
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