Last month, Mr Thompson was convicted in the Melbourne Magistrates Court, prompting a statement from NAB in which the bank claimed it had uncovered the fraudulent activity internally and “subsequently” reported the misconduct to the authorities.
However, ifa can exclusively reveal that, according to ASIC, NAB did not report Mr Thompson’s misconduct until March 2015 when the bank responded to a surveillance program the regulator had in place at the time.
At the time of the reporting, Mr Thompson was licensed by NAB competitor AMP, who began licensing him under its AMP Financial Planning subsidiary in 2013.
An AMP spokesperson told ifa last week that the institution had conducted due diligence prior to his onboarding and that it was not privy to his termination by NAB or the ASIC investigation.
A spokesperson for the regulator has confirmed to ifa that it did not inform any third parties of its investigation into Mr Thompson, saying it would have been unreasonable to disclose the activity.
“Subjects of an investigation have a right to due process. ASIC does not alert the general public of misconduct until ASIC has completed its investigation,” the ASIC spokesperson said.
NAB has not responded to a request for comment.
Every week we see examples of negligence or criminal activity in the INDUSTRY. It certainly is not a profession. We need education in ethics, morals and good conduct. I am sorry to say I am really disgusted with some of the members of this INDUSTRY.
The employer has a duty of care to both the consumer and the employee. Fraud is unacceptable. The problem is with the bank, that’s where the buck stops. Sack the employee, matter closed.
In the case of a non institutionally owned dealer group, the license would be revoked. Apparently the term Responsible Manager only applies to the boutiques.
The financial planning association of Australia is happy to continue to receive undisclosed payments from these product providers so that the NAB can….to quote their professional partner program “work in partnership with the FPA to shape the future direction of the profession through a close working relationship with the FPA executive working team” …. these payments seem more and more like a hush money these days..
Only 2 years, that was quick compared to a rival. Guess that was all the time needed to “””review “””the files and mitigate evidence. We have yet to see any action against those who promote and / or hide such bad advice —management at any level. Only then will the profession state with confidence that it is clean.