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Thorburn and Henry depart NAB
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.
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The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
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