In an internal message to NAB employees, CEO Andrew Thorburn revealed that he will be taking time off in 2019 to “recharge and reflect”.
“I spent time with our executive leadership group (ELG) on Friday, reflecting on 2018 and looking forward to the year ahead,” Mr Thorburn told NAB employees.
“I said to the ELG that it has been the biggest, most relentless year of my career – and I know this is true for many of our people at NAB,” he said.
Mr Thorburn is set to take four weeks off over the Christmas and New Year period, before returning ahead of the release of the financial services royal commission’s interim report in early February.
The CEO added that, after addressing recommendations of the commission’s final report, he would take an additional four weeks of long-service leave, which he said was a “further chance to reflect and recharge and come back refreshed and ready for what 2019 brings”.
It’s been a busy year for Mr Thorburn, who most recently appeared before the financial services royal commission in its final round of hearings, where he was questioned by the commission over the bank’s introducer program, banker incentives, and the adequacy of NAB’s compliance processes in deterring and reporting misconduct.
Mr Thorburn also appeared before the House of Representatives’ standing committee on economics, where he was also questioned over broker remuneration.
In his appearance before the parliamentary committee, the NAB CEO highlighted the contribution of the broking industry and noted the competitive impact that the broking industry has had on the mortgage market, pointing to the role it played in reducing interest rates when the industry emerged in the 1990s.
The NAB CEO also acknowledged the role that brokers play in helping clients navigate through the complexities of the mortgage market, making reference to the “blizzard” of home loan products offered by lenders.
However, echoing sentiments made by ANZ CEO Shayne Elliott and Westpac CEO Brian Hartzer, Mr Thorburn said that there “needs to be some changes” to the broker model.
When asked by deputy chair of the committee and Labor MP Matthew Thistlethwaite whether the industry should move to a ‘fees for service’ model, and if FOFA should be extended to brokers, Mr Thorburn called for greater clarity surrounding the payment of commissions but noted that the industry is already investigating the matter.
