Tom Elliott makes a prediction in wake of Banking Royal Commission

Tom Elliott makes a prediction in wake of Banking Royal Commission

Tom Elliott makes a prediction in wake of Banking Royal Commission

The Royal Commission on Misconduct in the Banking, Superannuation and Financial Services Industry released its final report on February 4.

To be determined. Hayne put a lot of the onus of cleaning up the mess on the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority - the same organizations he lambasted as too timid.

Mr Booth says the royal commission has highlighted the need for high standards across the financial services sector.

It is now confirmed that Hayne does recommend a change to broker commissions, encouraging a flat fee for service to be paid by the borrower.

Hayne made 76 recommendations for change, which the government said it would act on, and referred two dozen cases to regulators for possible prosecution.

"I respect the commissioner's view. but I don't share it", Mr Thorburn said in a televised interview. "I am not persuaded that it is necessary to mandate structural separation between products and advice".

Despite being singled out in the report, NAB shares were also up 2.36%.

National Australia Bank chairman Ken Henry gives evidence at the Banking Royal Commission. "I know that is not so", he said.

Henry: I wish we had. "Why on earth did you decide to take extended leave?"

"The capitalist model is that businesses have no responsibility other than to maximise profits for shareholders", he said.

Frank Robinson (1935-2019), trailblazing Major League Baseball manager and Hall of Fame player
Robinson, who led the AL with a.316 average, 47 home runs and 122 runs batted in, was the first Triple Crown victor since 1947. A legendary outfielder , Robinson played for five teams and managed four during his half-a-century in the league.

The boss of NAB is refusing to step down in the midst of heavy criticism following the final report of the Banking Royal Commission. Henry said it was "not so" that he had been unwilling to accept criticism. "We led the sector in calling for the Royal Commission to be held", Henry said, referring to a letter to the government he personally drafted, asking for input from then-Treasurer Scott Morrison before sending the final official version.

"I think that the legacy from Commissioner Hayne's report will be the conduct norms that he'd laid out and principles that regulators or governments should apply in legislation".

"I'm talking with you to try to communicate that I know what the plan should be and I'm committed to seeing it through". It told the bank the suggestion failed "to adequately reflect any insight into the seriousness of the suspected misconduct" and was even worse than a very long series of previous ideas ASIC had already rejected.

"We have said we are not prepared to accept good intentions where urgency, consistency and discipline is required". The Board has led a deep examination of our culture, governance and accountability. "We are the only bank to publicly release our assessment, which clearly outlines 26 areas we are focusing on to be a better bank".

The government has said it will "take action" on all 76 recommendations but it is unlikely to have time to get anything through parliament ahead an election expected in May.

"I have cancelled my planned long-service leave aside from a personal family commitment next week", he said in a statement on Tuesday.

NAB chairman Ken Henry addresses NAB's 2018 annual general meeting in Melbourne on Wednesday, December 19, 2018.

"I think we have been contrite".

"We don't want the work that is now with 25,000 small business and people working within the mortgage broking industry just simply to go to the big banks", he said.

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