Banks to waive NDAs in royal commission

In statements released this morning, both NAB and the Commonwealth Bank said they would not enforce NDAs regarding things said in submissions to the royal commission into banking, superannuation, and financial services industry.

“If any of our customers want to make a submission to the royal commission we encourage them to do so and we will waive any confidentiality obligations they have agreed to when resolving an issue with NAB,” said NAB chief legal and commercial council Sharon Cook.

“We are doing this because it is important to us that we support customers being heard by the royal commission.”

The Commonwealth Bank added that those making submissions may still need to “seek the consent of other individuals or organisations who may be named as part of their submission”.

Westpac and ANZ both subsequently confirmed to ifa sister title The Adviser that they too would waive confidentiality obligations for the royal commission.

A spokesperson for Westpac said the best way for the royal commission to serve its purpose was for Australians to “have confidence that the process has been transparent” and that there had not been barriers preventing people making submissions.