subscribe to our newsletter
ASIC investigates NAB breach report shortfall

ASIC investigates NAB breach report shortfall

NAB Wealth boss Andrew Hagger has told a Senate inquiry that ASIC served the bank with a notice after discovering a discrepancy between the number of fired planners and number of breach reports filed.

Mr Hagger voluntarily appeared before the ‘scrutiny of financial advice’ inquiry on Friday, telling senators that ASIC had “served notice” on the bank after reading in newspaper reports that NAB had fired as many as 37 financial advisers – a much higher number than the eight breach reports filed with the corporate regulator.

He also revealed the bank has actually fired 41 employed or affiliated advisers in recent years, slightly higher than the figure previously reported in the Fairfax newspapers.

The bank executive defended a document outlining the findings of an internal review – which was leaked to Fairfax and tabled in parliament last week – saying it is a sign that NAB took the Senate inquiry into CBA financial planning and the performance of ASIC seriously.

“This was an internal document – it was not written for public consumption. The point that I’m making to you is that it’s part of a healthy system,” he said.

“At some point in time there will be an adviser who does the wrong thing. And the mark of a good organisation is what you do at that time."

Mr Hagger said the bank will compensate any other clients who are found to have received inappropriate advice.

 

ASIC investigates NAB breach report shortfall
mortgagebusiness

Latest News

The chairman of the Australian Securities and Investments Commission has said that the corporate regulator will move forward with more “co...

The Senate Standing Committee on Economics is set to review short-term credit providers, payday lenders, consumer lease providers, “buy no...

Weaknesses in the government’s proposed open banking implementation plan could spark a “scaremongering” campaign, a fintech has warned...

FROM THE WEB

podcast

LATEST PODCAST: Emotional intelligence and its role in managerial structure

Is enough being done to ensure responsible lending?