ASIC focus on NAB breach compliance
The degree to which National Australia Bank (NAB) complied with its breach notification obligations appears to be a focal point for investigations currently being carried out by the Australian Securities and Investments Commission (ASIC), according to information provided to a Parliamentary Joint Committee.
The committee was told that ASIC has served NAB with 10 notices under its compulsory powers as part of the regulator's investigation into planning practices within the bank's wealth management division.
The chairman of ASIC, Greg Medcraft, told the joint committee that the use of the compulsory powers had resulted in the gathering of substantial information.
He said that ASIC was looking into issues raised in media reports about planning practices within NAB and the exit of a number of advisers.
He pointed to the focus of the regulator's inquiries when he said that ASIC was looking at how NAB identified and then dealt with problem advisers.
"We will also consider how they conducted remediation and whether they should have reported misconduct to ASIC," Medcraft said.
NAB executives earlier this month declared to a Senate Committee that the bank had raised its reporting practices above those required under the regulations and was now reporting all planner departures from the bank and the reasons for those departures.
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