National Australia Bank Ltd. is in the process of implementing 26 of the recommendations from the Australian royal commission into financial sector misconduct, and has decided to extend greater protections to small business borrowers.
The bank said it will extend the protections of the code of banking practice to small businesses with less than A$5 million in total borrowings, up from the previous agreed level of less than A$3 million.
Further, the bank has completed or is in the process of implementing 26 of the recommendations. Some of the changes include not charging default interest to agricultural customers affected by drought, removing grandfathered commissions for NAB Financial Planning advisers and announcing a customer committee to oversee the bank's processes.
The royal commission's recommendations will help the bank earn back trust, said group CEO Phil Chronican.
NAB was singled out in the royal commission's final report on the financial industry for its governance lapses.