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.
Following the release of the estimated CSLR levy, the FAAA has called for the government to “urgently” address the ...
More than 4,500 SMSF trustees who were provided administration services and financial advice from Dixon Advisory have ...
The advice association says it supports legislative reform to ease stress on small businesses while maintaining the need ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin