National Australia Bank chairman, Ken Henry and chief executive, Andrew Thorburn have advised they are leaving the big banking group.
In what represents the first major fall-out following release of the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry the bank announced that Thorburn would finish on 28 February while Henry would retire from the board once a permanent chief executive was found.
Current NAB director, Phil Chronican will step to serve as acting CEO.
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.
Cbus Super has unveiled Advice Essentials Plus, a new service offering affordable financial advice to both members and their partners.
The fund has launched a new tool to help deliver personalised financial education and digital personal advice to eligible members.
The QAR lead reviewer has told a Senate committee that the government’s demands of super funds conflict with their original purpose.