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NAB wants viable mortgage broking industry

NAB had completed or is in the process of implementing 26 of Kenneth Hayne's 76 royal commission recommendations, but is calling for government and regulatory clarity on other issues including broker remuneration.

The lender on Friday said it supports 72 of Commissioner Hayne's recommendations but wants to ensure the mortgage broking industry remains viable in the interest of customer choice.

Federal government, brokers and some lenders have opposed Commissioner Hayne's recommendation that customers rather than lenders should pay brokers.

"NAB will work with the Treasury-led working group to ensure that the broking industry remains viable, customers have choice and get the best possible outcomes," NAB said in a statement.

Acting chief executive Philip Chronican, who took charge last month following Commissioner Hayne's explicit criticism of NAB CEO Andrew Thorburn and chairman Ken Henry, said the lender was aiming for positive action as quickly as possible.

"We have started the work to restore trust and make our organisation a better one for customers with a strategy to simplify the bank and its products and services," Mr Chronocan said.

The recommendations that NAB has already acted upon include updating the definition of a small business to include those with an annual turnover of $5 million and up to 100 employees.

"NAB supports the intent to expand the definition of small business, and will expand our definition from aggregate borrowings of less than $3 million to aggregate borrowings of less than $5 million," NAB said.

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