1.1 Background

NULIS Nominees (Australia) Limited (NULIS) is an RSE licensee and a wholly owned subsidiary of NAB. It is one of a number of companies in NAB’s ‘Wealth division’. NULIS is the trustee of the MLC Super Fund and MLC Superannuation Fund. At the time of the Commission’s inquiries, those funds had about $76.4 billion and $18.7 billion funds, respectively, under management and more than 1.3 million members.[1]

Until July 2016, NULIS was one of three RSE licensees within the NAB Group. The two others were PFS Nominees Pty Ltd (PFS) and MLC Nominees Pty Limited (MLC Nominees). The administrator of the funds has varied over time but, at all relevant times, it has been an entity within NAB’s Wealth division.

The Commission’s inquiries concerned conduct relating to fees charged to members of the funds for no service, the decision of NULIS to maintain grandfathered commissions, and the performance of its MySuper products. The Commission heard evidence from Nicole Smith, the then recently retired Chair of the board of NULIS, Paul Carter, former Executive General Manager for NAB Wealth, and Andrew Hagger, the then Chief Customer Officer for Consumer Banking and Wealth.

[1] Exhibit 5.84, Witness statement of Peggy O’Neal, 19 July 2018, 646.