Read more: http://www.afr.com/business/banking-and ... z5ER3BhkqENational Australia Bank is joining other major banks in a retreat from wealth management, selling off its $3 billion MLC subsidiary, as the Hayne royal commission hears damning evidence of misconduct and expresses concerns over conflicts of interest generated by vertically integrated banks.
NAB chief executive Andrew Thorburn said MLC can be sold as a one-stop shop for wealth advice but recognises the royal commission could derail those plans by forcing financial planners to operate separately from companies making superannuation and investment products.
Major issues which will affect Australia and the World
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