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 ASIC has “served notice” on the bank after reading in newspaper reports that NAB had fired as many as 37 financial advisers – much higher than the eight breach reports filed with the coporate 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 also defended a document outlining the findings of an internal review – which was leaked to Fairfax and tabled in the 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."
He said the bank will compensate any other clients who are found to have received inappropriate advice.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 24 May 2018ANZ dealer group boss jumps ship to Aus UnityBy Reporter
- 24 May 2018Elder abuse may stem from additional SMSF membersBy Miranda Brownlee
- 23 May 2018Trail commissions ban would create ‘bigger conflict’, says licenseeBy Killian Plastow
- 23 May 2018‘Shut it down’: CPA members rail against troubled advice armBy Aleks Vickovich and Jotham Lian
- 23 May 2018Labor heavyweight concedes industry fund hypocrisyBy Aleks Vickovich and Jessica Yun
- 22 May 2018Netwealth reflects on Banqer progressBy Reporter
- view all