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NAB refuting FSU allegations

Wednesday 14 March 2018

News Summary 

Financial Review

National Australia Bank (NAB) will be refuting claims made by the Financial Sector Union that it has failed to discipline senior staff.

The failure of discipline is allegedly connected to a series of fraudulent mortgages and has been tightening the ‘eligibility’ for NAB’s ‘introducer program’.

The Australian Financial Review (AFR) reports that “The banks are prepared for the commission to release their initial, 50-page submissions--which set out lists of misconduct over the past decade--on Tuesday, but the commission hasn't confirmed the timing for their publication.”

The AFR went on to report that the examination of the NAB’s introducer program and fraudulent loans will be followed by an examination of Aussie Home Loans and the Commonwealth Bank of Australia (CBA), as well as Westpac’s and ANZ’s car financing practices.