NAB FP seeks resolution of false witness investigation
NAB Financial Planning says it has proactively contacted all 2,520 clients it identified as being impacted by falsely witnessed beneficiary nomination forms.
NAB FP said in a statement it reached out to all impacted clients either directly or via their financial adviser by way of letters, registered mail, phone calls and direct contact.
In late 2016, during a regular compliance review, NAB FP identified that one of its advisers and his support staff did not follow company policy and incorrectly witnessed beneficiary nomination forms for clients.
While there was no ill intent or financial loss to the client, forms had been signed with only one witness present, and a second person signed as a witness without being present, NAB said.
Subsequent investigations found that this had occurred in other instances.
“Since identifying the issue, we have undertaken a comprehensive program to rectify the matter directly with advisers to ensure the behaviour will not be repeated,” said NAB Financial Planning general manager Tim Steele.
“We have also worked with our clients to correctly execute their beneficiary nomination forms, and we can confirm this process is near complete.”
NAB first announced the matter in May 2017, before issuing a breach closure notice to ASIC on 19 July 2018.
“ASIC has informed us they do not propose to make any further inquiries in relation to the matter at this time, on the basis of the information currently available, and we will continue to engage with them proactively and transparently as we work to close out this matter for our clients,” Mr Steele said.
“We are working to build trust with our clients and we have the right measures and processes in place to deliver on their expectations.”
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