NAB nearly out of MLC Wealth but the costs roll on
National Australia Bank (NAB) may be headed for the exit in terms of its ownership of MLC Wealth but it will continue to carry the costs of client remediation into the future.
The big banking group announced to the Australian Securities Exchange today increased provisioning for customer remediation to $380 million before tax which it said related to $245 million for “wealth related matters” and $135 million for “bank related matters”.
Hardly surprisingly, NAB also moved reporting on MLC Wealth into the “discontinued operations” column following the sale of the business to IOOF.
Outlining the remediation task, NAB’s announcement said that it covered “non-compliant advice” provided to wealth customers and adviser service fees paid to salaried advisers.
Recommended for you
Large AFSLs with more than 100 advisers are seeing the largest losses in both adviser and AFSL numbers as individuals seek a smaller, personal vision in their work.
Former deputy CEO of AMP Capital, David Atkin, has announced he will be returning to Australia after stepping down as chief executive of the Principles for Responsible Investment organisation.
A global Morgan Stanley report has found 83 per cent of Asia-Pacific individual investors would select a financial adviser based on their sustainable investment offerings, and are most understanding of how ESG can boost returns.
Insignia Financial has announced the status of the two private equity bidders as due diligence comes to an end, with one bidder opting to pull out.
