
ASIC has revealed the reasons behind NAB’s decision to sack a number of advisers in its Meritum Financial Group channel, while leaving the door open to further “regulatory action”.
“ASIC is assessing the information obtained from the licensee to determine whether further regulatory actions are required,” the statement concludes.
The statement follows NAB CEO Andrew Thorburn’s announcement of changes to the bank’s process for financial adviser misconduct.
Other licensees listed by ASIC included AMP’s Genesys Wealth Advisers, CBA-aligned Count Financial and the entire Westpac Banking Corporation, as well as non-aligned dealers Sentry, Madison Financial Group and FSS Advisory.
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