Australia’s NAB Ends ‘Introducer’ Referral Payments After Public Criticism

Australia’s NAB Ends ‘Introducer’ Referral Payments After Public Criticism
The logo of the National Australia Bank is displayed outside its headquarters building in central Sydney, Australia, on Aug. 4, 2017. David Gray/File Photo via Reuters
Reuters
Updated:

SYDNEY—Australia’s National Australia Bank said on Monday, March 25, it would end a profitable system of bonuses for referrals that was criticized 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.