NAB admits aligned adviser remediation challenge
National Australia Bank (NAB) chief executive, Andrew Thorburn has admitted the big banking group faces a significant challenge in seeking to extend the NAB Financial Planning template for fee-for-no service remediation to aligned advisers working under the NAB license.
Thorburn admitted that the bank had less authority over the aligned advisers and therefore less ability to look at files and get the other information necessary to undertake the remediation process.
He said that NAB was not alone in facing this dilemma in circumstances where only 35 per cent of players were employed by banks.
Counsel assisting the Commission, Michael Hodge QC put it to Thorburn that if NAB could not access the necessary files and documentation then it was going to have trouble implementing the NAB Financial Planning remediation template.
Thorburn responded that if there were incidences of fees being applied for no service then the bank would just have to make the refunds.
Recommended for you
ASIC commissioner Alan Kirkland has detailed the regulator’s intentions to conduct surveillance on licensees and advisers who are recommending managed accounts, noting a review is “warranted and timely” given the sector’s growth.
AMP and HUB24 have shared the areas where they are seeking future adviser growth, with HUB24 targeting adding more than 2,000 advisers to the platform.
Bravura Solutions has appointed a new chair and deputy chair to take over from departing Matthew Quinn, while Shezad Okhai picks up another responsibility.
Two advisers say M&A is becoming a “contact sport” as competition heats up to acquire attractive advice firms, while a lack of new entrants creates roadblocks in organic growth opportunities.
