FSU concerned over proposed remuneration model for NAB financial planners
Members of the Finance Sector Union (FSU) have expressed concerns around proposed changes to the remuneration model for National Australia Bank (NAB) financial planners.
The proposal was to put planners in November 2012 following discussion through the NAB consultative committee, the FSU stated.
NAB advised planners that the changes would take effect by the end of 2012, but due to "data issues" this was subsequently delayed to February.
According to the FSU, its members have concerns surrounding the changes including:
- loss of future revenue
- damage to established businesses
- NAB's attempt to rush the change through before Christmas, and
- data error issues including inaccurate list of customers.
"Members are also telling us they feel that NAB isn't playing fairly by trying to change the terms of the Enterprise Agreement through consultation," the FSU stated.
"This is a matter for renegotiation through agreement negotiations later this year."
The FSU said a number of members have signed an authority notifying NAB that they want their union representing them on this matter.
Without widespread support, NAB will argue that the majority of planners have accepted the changes, the FSU added.
Recommended for you
Financial advisers are reminded to ensure their CPD is up to date with the Financial Services and Credit Panel making its second determination in a week after an adviser failed to meet the requirements.
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
While efficiency remains a top priority for Australian advisers, State Street has revealed the profession is now juggling this desire with the need to maintain personalisation of its service offering.
A possible acquisition of data provider Iress is becoming a greater likelihood after the firm announced it is engaging with multiple interested parties.
