<P> However, when queried on the matter by Counsel Assisting that "...there was fraudulent conduct engaged in by NAB bankers and by introducers...We see no reference here to any fraudulent conduct . In fact the language is very qualified in the description of the conduct here...the conduct was in breach of the group's policies and processes including provision of potentially unsuitable loans, reliance on potentially false documentation, use of correct income figures, potentially dishonest application of customers' signatures, and a potential misstatement of some loans in loan documentation . Now, what I want to put to you is that NAB knows and you know that there were unsuitable loans, there was false documentation, there was dishonest application of customers' signatures on consent forms and there was the misstatement of some loans in loan documentation . All of those things occurred, did they not?" NAB's Mark Waldron agreed that conduct was fraudulent and beyond misconduct; "Yes, we can now say that they have occurred ." It was reported that NAB employees in greater western Sydney were accepting bribes in order to facilitate loans they knew were based on false documentation in order to reach lending targets and to collect personal bonuses; and up to 15 per cent of all home loans approved did not meet NAB's standard criteria for valuation, serviceability and document verification . </P> <P> Westpac...acknowledged that across the brands (of Westpac, St George Bank, Bank of Melbourne and RAMS) it...engaged in actual or potential misconduct and conduct falling below community standards and expectations relating to home lending, credit cards, car loans, add - on insurance, processing or administration errors and unsolicited offers of credit . </P> <P> The Commission heard that, similar to ANZ, Westpac believed that it was not its responsibility to verify loan applicants' personal expenses, with this responsibility resting with brokers, especially for car loans originated by motor vehicle dealers acting as brokers; and that financial kickbacks to car dealers reflected a conflict of interest . </P> <P> In mid-April 2018, the second round of hearings, focused on the financial planning and wealth management industry commenced . During this round, on 20 April 2018 Craig Meller resigned as CEO of AMP Limited after it was revealed in a public hearing before the Royal Commission that AMP charged clients for financial advice which was not provided, and misled ASIC on numerous occasions . </P>

Royal commission into misconduct in the banking superannuation and financial services