Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
Bank busted for ownership non-disclosure

Bank busted for ownership non-disclosure

An ASIC investigation of NAB-aligned dealer groups has discovered failures to disclose relationships between advisers, licensees and product issuers within the group.

The investigation found 150,000 customers received deficient disclosure on advice documents relating to MLC-branded financial products and those of NAB’s boutique fund stable.

The ASIC statement said that the defective disclosures were the result of “process error”.

Advertisement
Advertisement

Affected customers will now receive a “corrective disclosure” when they log into the MLC website for a three-month period.

“NAB has also agreed to write to the remainder of affected customers currently invested in related products, explicitly acknowledging the issue and providing corrective disclosure,” said a statement from ASIC.

Failure to disclose relevant relationships is a breach of the Corporations Act.

The investigation was part of ASIC’s wealth management project, looking into vertical integration in the six largest financial advice networks.

Bank busted for ownership non-disclosure
mortgagebusiness

 

Latest News

ASIC has defended the utility of its responsible lending guidance amid court rulings that have called into question current compliance prac...

Super fund-owned bank ME has reported a 7.3 per cent growth in its loan book but continues to see net interest margin hit by “intense comp...

The corporate watchdog has reportedly expressed support for a new inquiry into competition in the financial services sector. ...

FROM THE WEB
podcast

LATEST PODCAST: New lending launches

Do you think the mortgage market will see more consolidation this year?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.