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

Among the financial planners, which would have to disclose the commissions they receive for selling wealth management products under the report's recommendations, shares of AMP Ltd and rival IOOF Ltd rose about 10.0 percent and 8.0 percent, respectively.

National Australia Bank Chairman Ken Henry came in for particular criticism after appearing dismissive during his public interrogation by the commission's barristers.

"I agree that when you read the reference to myself and chairman Ken Henry, I found that upsetting and hard to read", he said.

"I feel the way he's describing me is the polar opposite of what I want to be and what I am and the sort of change I am leading inside the company". The former Treasury boss said today he was "disappointed" at that. I don't share it. 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 yesterday announced it had "agreed to take action on all 76 recommendations" from the Hayne royal commission.

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Even at this early stage, it is clear the bank will face significant opposition at this year's AGM and the Commissioner's comments about Messrs Henry and Thorburn and their continuing presence in the bank's boardroom will allow shareholders to maintain the rage. I still don't know ...

Commissioner Hayne Dr. Henry singled out Dr. Henry for especially sharp comment following his evidence at the royal commission which was largely regarded as dismissive. "The Board and I have reflected deeply on those and other issues and, as I have said previously, we take them very seriously".

In his report, the commissioner said he thought it was telling Mr Thorburn treated the fees-for-no-service issue as being caused by carelessness combined with system deficiencies, even though the total amount NAB and its superannuation trustee NULIS will have to repay is likely to be more than $100 million.

"I am acknowledging we have made mistakes and that is not good enough and I have said when we have made them, we haven't addressed them fast enough". "As we expected, nothing radical", says Deutsche Bank, who adds: "Indeed it's quite practical but some may say too docile". That is poor culture, poor practice.

"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.

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Mr Thorburn is also standing firm against the criticism and has cancelled two months' leave, saying he is "more determined than ever" to lead the bank and its response to the inquiry.

"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".

Mortgage broker Chris Chardon says the banks will be the big winners from cuts to brokers' commissions. I know that it is not so.

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

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