There was more from the Royal Commission grilling of National Australia Bank yesterday. “Hopelessly Conflicted” is one term that I’m hoping will catch on:
The process that saw NAB’s superannuation trustee NULIS advised by the bank’s wealth management arm was hopelessly conflicted, the Hayne royal commission has heard.
Counsel assisting Michael Hodge QC put to former NULIS chairman Nicole Smith that there was an inherent conflict of interest between the trustee, which had the sole duty of acting in the best interests of the super fund members, and the administrator, which was concerned with making profits for the bank.