A senior National Australia Bank executive has defended what the bank told a regulator about the extent of a fees-for-no-service issue.
NAB has been accused in the banking royal commission of delaying revealing the full extent of the compensation to avoid being labelled “the worst of a bad bunch” charging fees for no service in 2016.
NAB’s consumer and wealth boss Andrew Hagger on Monday said he opened the door for the Australian Securities and Investments Commission to include the wider superannuation fee issue in its industry report by contacting commissioner Greg Tanzer.
“The key was not with us. The key was with him to decide what he wanted to ask about and what he would put in the report,” Mr Hagger told the commission.
He admitted he did not tell Mr Tanzer the board of the superannuation trustee’s administrator had just approved the full remediation amount a couple of hours earlier.
He said he did not want to preempt the decision of the board of trustee NULIS, which still had to approve the full remediation.
“What I felt it was appropriate for me to do was to open the door as widely as I did, which is very wide, to ASIC, saying if you wanted to know anything further about it … I didn’t want to preempt the trustee board but he can.”
Mr Hagger maintained he was open and transparent in his dealings with ASIC.
Commissioner Kenneth Hayne QC said Mr Hagger had told the inquiry NAB decided to call an ASIC commissioner, open the door “and that then put it out of our hands”.
Mr Hagger said that was the position.
“It was their ability at that moment, commissioner, to decide do we want this matter in our report or don’t we.”