NAB remediation costs rise $314 million
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.
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.