The Finance Sector Union has elevated its dispute with NAB regarding the restructure of its MLC Advice business to the Fair Work Commission following a recent meeting with the big four bank.
The FSU said it met with NAB last week to resolve outstanding matters in dispute.
It alleged last month that MLC withheld critical information from advisers about the new roles, salaries selection processes and book values as part of the restructure.
However, the FSU said there was “very limited progress at this meeting” and decided to escalate the matter to the Fair Work Commission.
It also said there was a reluctance on NAB’s behalf to provide important information relevant for advisers in order for them to be able to make important life decisions.
“This includes clarity around role requirements, information about remuneration, study reimbursements and fair workloads under the proposal,” the FSU said.
“[NAB Financial Planning general manager] Tim Steele’s assertion that providing salary information would be ‘too confusing’ is insulting.
“It also highlights the importance of transparent pay systems, and guaranteed salary increases, some of [the] things we will be progressing through our enterprise bargaining campaign.”
Further, the FSU noted feedback from advisers indicating that minimising forced retrenchments, matching preferences and maximising redeployment opportunities are vitally important.
“We have expressed to NAB that this dispute is limited to areas where there are employment opportunities and members require further information to make decisions and that the restructure can progress in other areas,” the FSU said.
In August, MLC announced it would exit from the self-employed franchise models of MLC Advice stores and NAB Financial Planning as part of a strategy “to create a simpler and more sustainable advice business”.
Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.
You can contact him on [email protected].
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