The Finance Sector Union has called on the royal commission to investigate NAB’s remuneration records after Wednesday’s hearings uncovered what the trade union labelled “some of the worst excesses” by an Australian bank.
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.”
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