ASIC to investigate National planning claims
The Australian Securities and Investments Commission (ASIC) has launched formal inquiries into the financial planning practices within the National bank.
The inquiries follow allegations in the media that some of the National's financial advisers received higher commissions if they sold NAB products ahead of those from external providers.
An article in The Sydney Morning Herald says the bank's in-house financial advisers received double commission if they successfully advise clients to buy NAB products.
"ASIC is examining closely the events giving rise to the allegations made in that article, and intends to conclude its review shortly," the watchdog says.
NAB says the establishment of an inquiry does not mean any regulation has been breached.
"We are confident that our procedures in this area are consistent with the highest level of industry practice and fully comply with ASIC regulations," says general manager for Premium Financial Services, Andrew Linklater.
Meanwhile, ASIC will also conduct a formal inquiry into allegations of inappropriate sales practices that led a senior ANZ officer to circulate a memo raising compliance concerns.
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