The head of financial advice at NAB, Andrew Hagger will leave the bank after 10 years following a restructure of its senior executive team.
Hagger was most recently Chief Customer Officer – Consumer and Wealth and was responsible for retail banking, direct banking and bank-based financial advice.
Prior to that he was Group Executive, NAB Wealth from April 2013 to August 2016 where he oversaw all NAB’s wealth and investment businesses, as well as being responsible for MLC Life Insurance since May 2009.
NAB Chief Executive Officer, Andrew Thorburn announced the restructure and departure of Hagger whose role will be filled by former NSW Premier, Mike Baird who joined the bank in April 2017 as Chief Customer Officer, Corporate & Institutional Banking.
“I take accountability for what has occurred on my watch, and accept that alongside successes were failures…”
Under the restructure, Baird moves into the role of Chief Customer Officer, Consumer Banking while oversight of the financial advice and wealth management businesses passed to MLC Chief Executive, Geoff Lloyd in July ahead of its separation from NAB (see: NAB to Exit Financial Advice).
Hagger appeared before the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry during the round two hearings related to financial advice. He answered questions about charging fees for advice without service, charging fees to dead customers and not alerting ASIC of breaches of the Corporations Act related to those actions.
Thorburn said the change of senior management would make NAB a ‘simpler, more customer focussed bank’ and with the appointment of Lloyd to MLC “…Andrew Hagger believes now is the right time to leave. We have been colleagues for a decade at NAB, I have valued his long-term contribution”.
Hagger said it had been a privilege to serve NAB customers and “…I take accountability for what has occurred on my watch, and accept that alongside successes were failures, including instances where we did not act with the pace required. I leave NAB with confidence that we are creating a better bank.”
