Wednesday, 24 April, 2019

Aussie bank shares soar as banking report goes softer than expected

AMP has blamed its advisers for its massive fees-for-no-service issues Read MoreAMP blames'bad apples for massive fees problem
Priscilla Morrison | 07 February, 2019, 14:56

The Royal Commission also described regulators as ineffective and urged them to toughen enforcement and curb the bonus culture that fueled decades of wrongdoing. The regulator has curbed some risky (and more lucrative) home lending, while banks are spending hundreds of millions of dollars upgrading outdated IT systems and forking out hundreds of millions more to compensate ripped-off customers.

"I thought it telling that Dr Henry seemed unwilling to accept any criticism of how the board had dealt with some issues", Hayne reports elsewhere.

"I expressed previous year my own regret as treasurer.at some of the human factors that needed greater consideration in terms of calling the Royal Commission".

"I think the bigger picture here is the bank, our bank, has a clear strategy, we have a very competent management team, we've laid out to the market what we're doing, and we're implementing that", Mr Thorburn replied.

The government said it would act on all 76 recommendations, including setting up a new body to discipline errant financial advisers and creating an independent panel to ensure regulators do their job.

Thorburn said he was disappointed that the commissioner had this view.

"Let me just get up to speed on everything", he said.

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Thorburn appeared in back-to-back interviews on Tuesday morning to push back against Hayne's conclusion, telling Sky Business the commissioner was wrong in his characterisation of both him and NAB's chair, Ken Henry.

"The Ken Henry that I know and the Ken Henry I work with every day has integrity, has values, puts customers first, lives in a small town in Australia, has always thought long term and done what's right for Australia", Mr Thorburn told Sky News Business.

In his final report made public on Monday, Commissioner Hayne said he was unconvinced that NAB was taking responsibility for failings that included charging fees for no service. I know that it is not so. "We are the only bank to publicly release our assessment, which clearly outlines 26 areas we are focussing on to be a better bank". I am proud to be CEO of NAB, and am more determined than ever to lead NAB with even greater urgency and intensity and show through our ongoing actions that we do what we say.... Hayne finds the NAB board were not given sufficient information about the long-standing misconduct, which they heard about well after it had been uncovered and the Australian Securities and Investments Commission involved. The inquiry had heard testimony that the lender tried to play down the extent of its fees-for-no-services issue to avoid having a regulatory report overshadow its earnings announcement.

ABA head Anna Bligh said the commissioner had formed an opinion based on one session of evidence at a hearing past year. The board and I have reflected deeply on those and other issues and, as I have said previously, we take them very seriously.

"Dr Henry said that when he read what ASIC wrote, he was "appalled".

Cancelling the remainder of the two months' leave he started over the Christmas period, Mr Thorburn said he had been upset by Commissioner Haynes' description of his leadership.

Mr Samuel said the $19 billion boost in bank shares this week came because the stock market had "oversold or over-estimated what Hayne was going to do".

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