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
Despite the year almost at an end, advisers have been considerably active in licensee switching this week while the profession has reported a slight uptick in numbers.
AMP has agreed in principle to settle an advice and insurance class action that commenced in 2020 related to historic commission payment activity.
BT has kicked off its second annual Career Pathways Program in partnership with Striver, almost doubling its intake from the inaugural program last year.
Kaplan has launched a six-week intensive program to start in January, targeting advisers who are unlikely to meet the education deadline but intend to return to the profession once they do.
