In a statement, FSU national secretary Julia Angrisano said NAB “bent over backwards” to hold onto its fee structures and left clients in the lurch.
“There is no doubt that there are deep and systemic cultural problems within the financial institutions, most recently at NAB Wealth,” said Ms Angrisano.
“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.”
Ms Angrisano said the commission needs to place more focus on the remuneration packages paid to bank executives, as well as how Australian banks are managed more generally.
“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,” she said.
“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.”
Does anyone care what the FSU have to say? Please go away and do something useful
Funny I worked at the NAB , seven years ago , and the FSU said it was unjust for tellers to Flog products and referrals to planners just for the sake of stats, not need , just as planners had KPI ‘s for negative gearing !!!!! . No one at NAB cared , so now is the result , a total balls up at the RC. I care what the FSU said at that time ….. See the problem now ??
Probably as deep and systemic as the ISA Trustee fee rort that has been tabled in the latest APRA Annual Super Statistics report… so FSU, bit like the kettle calling the pot black, huh?