NAB CEO apologises over super failures

National Australia Bank chief executive Andrew Thorburn took to social media yesterday to apologise on behalf of the group's 34,000 staff for failures identified at the financial services Royal Commission.

Speaking about confronting allegations at the Royal Commission, the NAB chief executive said it was clear the banking and wealth management group had not met the standard it expects.

"And I'm sorry for that," Thorburn said.

"It's clear in these cases and in others, that we failed you.

"When we make a mistake, we find it and we fix it - and if necessary, we compensate you, and the mistake we've made in this case is we haven't done that."

On Wednesday, senior counsel assisting Michael Hodge put forward the case that NULIS Nominees - the trustee of MLC and NAB super products - did not act in the best interests of members.

He said there had been delays between 2012 and 2016 to notify ASIC of breaches about fees for no service, as well as delays in properly remediating members.

Former NULIS Nominees chair Nicole Smith agreed these actions took too long and in some part blamed the administrator.

In Thorburn's response yesterday he spoke about the bank's role to serve with honour, to be good stewards, and "to partner you and back you when you go forward with your businesses and in life."

In the 90-second video he also spoke about NAB's commitment to offer products and services of high value.

"My commitment to you as the CEO of this company, on behalf of almost 34000 people, is that we will listen. We will learn, and we will get better, so that we can truly be a bank that you can rely on, that you can respect, and that you can trust," he said.

Read more: Royal CommissionAndrew ThorburnNULISMichael HodgeMLCNAB-National Australia BankNicole Smith
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