NAB apologises for disclosure failures

NAB’s executive general manager for wealth advice, Greg Miller, has issued an apology to customers for disclosure obligation breaches the bank says were accidental.

On Friday, ASIC revealed that as many as 150,000 bank customers received financial services guides and statements of advice that did not disclose relationships between advisers, licensees and product providers within the group, in what the regulator said was a breach of the Corporations Act.

NAB subsequently issued a statement emphasising that it brought the matter to ASIC’s attention, in which Mr Miller apologised for the error he says was not intentional.

“While simplifying some of the documentation that we send customers, and while expanding our range of investments, we omitted disclosures that are important for our customers to receive,” Mr Miller said.

“We apologise to our customers, and want to assure them that they did not impact the quality of advice they received from their adviser, and there is no impact on their investments or portfolios.”

ASIC’s investigation looked at licensees across the NAB group and products branded under the MLC logo, as well as those of NAB’s stable of boutique managers.

Affected customers will now receive “corrective disclosure” when they log onto the MLC website for a period of three months.

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