National Australia Bank has announced additional advice remediation costs of $314 million.
In an announcement released to the Australian Securities Exchange (ASX) today, the big banking group said this would reduce second half earnings by an estimated $261 million and earnings from discontinued operations by an estimated $53 million.
It said the additional costs arose primarily in relation to several customer remediation matters including refunds and compensation to customers impacted by issues in NAB’s wealth business, including advisor service fees, plan service fees and wealth advice review and other wealth related issues.
The announcement said the costs also related to implementing remediation processes and other costs associated with regulatory compliance matters.
Commenting on the costs, NAB chief executive, Andrew Thorburn said the bank had let customers down and was determined to put things right.
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Any senior NAB executives sacked over this? Any those their bonus? Any jailed?
Of course not. NAB shareholders and customers count the cost. And the Australian taxpayers pay the cost of investigating and regulating these banking cowboys and thieves.
Selflessly true you stand, again.
Why thank you. I do aim to be selfless with my wonderful advice.
I doubt it. The message the Banks are pushing (and the media is consuming) is "advice fees" are the issue and the Banks are here to fix it all up. I'd say someone at the Bank will be getting a bonus for this one.
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