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March 25, 2019, 4:16 p.m. EDT

Australia : Australia's NAB ends 'introducer' referral payments after public criticism

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Mar 25, 2019 (Euclid Infotech Ltd via COMTEX) -- Australia's National Australia Bank (NAB) said on Monday it would end a profitable system of bonuses for referrals that was criticised by an independent inquiry.

NAB interim chief executive officer and chairman-elect Philip Chronican said scrapping the referral payments to businesses such as sport clubs and accountants would help to regain customer trust after the inquiry found widespread wrongdoing across the financial sector.

"We want customers to have the confidence to come to NAB because of the products and services we provide not because a third party received a payment to recommend us," Mr Chronican said in a statement.

The government-backed inquiry heard that dozen of NAB bankers had falsified loan documents and signatures, and provided unsuitable loans to benefit from the scheme.

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