Powered by MOMENTUM MEDIA
subscribe to our newsletter

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.

Advertisement
Advertisement

PROMOTED CONTENT


“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 big four bank has admitted to cutting off services to around 40,000 customers in the last two and a half years. ...

The latest index by the non-bank has suggested that home loans are at their most unaffordable for the first time in five years.  ...

The government has established a taskforce to look into bank branch closures in regional communities. ...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

Do you think APRA's bank buffer changes will see more borrowers use non-banks?

Website Notifications

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