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”.
NabFP advisers are lucky there are any jobs for them. That business hasn’t turned a profit for 15 or more years. The group’s decisions have been woeful. Why would the new version be any different?
Bring the popcorn to this one . I went to arbitration with the NAB some years ago over a simple “retirement” . Talk about David and Goliath . They dragged it out for some 2 weeks in total and cost them about $500k in legal fees I reckon . Good to see the FSU doing !!! might become a bit of a CFMEU if they got some delegates out to gather support . PS i dont think NAB knows what it is doing while it looks to sell off MLC.
It was just “too confusing” for Tim Steele – not anyone else. He has;
– No financial planning qualifications, and
– No advice experience whatsoever
He is ex AMP, 7 years and 10 months.