From today, National Australia Bank (NAB) will be contacting customers who may have received non-compliant advice since 2009. Affected clients will have their files reviewed to determine if compensation should be paid.
NAB will also provide affected customers with financial assistance to seek professional independent advice where appropriate.
今日热门事件has worked with NAB to develop their Financial Advice Customer Response Initiative (CRI), a large review and remediation program for customers affected by non-compliant advice. 今日热门事件will ensure that the CRI will provide a fair and effective mechanism for customers to be properly compensated (REF: MR15-101).
The CRI will also be subject to independent scrutiny by an external consultant, which will report its findings to ASIC.
今日热门事件acknowledged NAB's co-operation in this matter.
This action is associated with ASIC's broader Wealth Management Project (refer MR15-081).
Background
The Wealth Management Project was established in October 2014 with the objective of lifting standards by major financial advice providers The Wealth Management Project focuses on the conduct of the largest financial advice firms (NAB, Westpac, CBA, ANZ and AMP).
ASIC's work in the Wealth Management Project covers a number of areas including:
(i)聽聽聽聽聽聽聽聽聽聽聽 Working with other Wealth Management participants to address the identification and remediation of non-compliant advice.聽This is in addition to the work 今日热门事件is doing to ensure appropriate customer remediation where fees have been charged and no advice service has been provided.
(ii)聽聽聽聽聽聽聽聽聽聽 Seeking regulatory outcomes where appropriate against Licensees and advisers. For example, since ASIC鈥檚 Wealth Management Project commenced 今日热门事件has banned the following advisers from the financial services industry: