National Australia Bank boss Ross McEwan has warned that the country’s superannuation industry – which now controls $3.5 trillion in savings – needs to be fully cognisant of the risks involved in advising millions of Australians on how to invest their retirement savings.

McEwan freely admitted the country’s big banks had failed to properly understand, and address, the risks involved in providing financial advice, speaking at the annual super lending roundtable hosted by The Australian Financial Review and Visy’s Anthony Pratt.