Via the AFR today:
The scale of NAB’s inability to report licence breaches on time has been revealed in a document published by the Hayne royal commission which shows the bank breaking conditions of its licence at the alarming rate of around once every week between 2014 and 2017.
Of the 297 breaches the bank revealed, 110 were considered serious. Of the 110 serious breaches 84 were reported to ASIC outside the 10-day time frame required by Section 912D of the Corporations Act, with 83 of these taking place in the wealth division.
The bank also offers something of an apology for sloppy record keeping where it has not been able to produce material that records the decision-making behind the breach report or has provided minutes of a meeting that were dated after ASIC has been told.
Who is going to resign here? The CEO or chairman? This is not pocket change nor minor offenses we’re talking about. It is a lot of money stolen from clients and systematic dodging of the police.
Chairman Ken Henry was a director from 2011 and rose to the big chair from 2015. Andrew Thorburn was appointed CEO in late 2014.
Someone has to fall on their sword and it seems to me that Ken Henry is the preferred candidate. If the resignation is about restoring the rule of law in the financial system, and repairing faith in the principles of market integrity then this is great opportunity for Mr Henry to deliver his final public interest coup de grace.
