Australian banks

Ken Henry’s NAB deepens the APRA swamp

David Llewellyn-Smith
Tuesday, 16 October 2018
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It’s both riveting and horrible watching the major bank’s abort the next round of regulatory reform before it is even born, from The Australian:

The word on the street is that Jacinta Ellis, a 12-year APRA veteran and a senior manager in the legal group, has defected to National Australia Bank, taking up a regulatory affairs post in the soon-to-be-separated wealth division. Ellis is still at APRA and will start in her new role early next year.

While this presents as a potential conflict of interest, with NAB’s wealth division currently under heavy scrutiny, there’s no reason to think APRA would depart from accepted practice and allow Ellis to consider any NAB-related issue.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.