Union urges NAB to shoulder responsibility
The Finance Sector Union (FSU) has written to National Australia Bank (NAB) chief executive, Andrew Thorburn, arguing that its members do not deserve to be caught up in the Australian Bankers’ Association new industry compliance breach reporting regime over witnessing Beneficiary Nomination Forms.
The union’s national secretary, Julia Angrisano said it was concerned that hundreds of its members employed within NAB financial planning would be caught up in the new regime, prompting the FSU to write to Thorburn.
Within that letter, the union claims the NAB inquiry into the witnessing of Beneficiary Nomination Forms by workers in financial planning has revealed problems in the way the bank handled such documents.
“It has now come to light there are similar concerns in the NAB’s business bank, retail bank and call centres,” the union claimed.
However, it said its members had simply been following their training and what they believed to be normal practice.
“Our members working for NAB have followed their training and done what was normal practice in the bank and they deserve to be treated fairly and not to have these issues reported under the ABA’s new industry compliance breach policy,” Angrisano said.
She said the bank’s policies on witnessing had never been identified as a problem in quality checks and that there was no process, procedure or licensing standard at the NAB to give employees any indication that the practice was a problem.
“We think it’s time for the NAB chief executive Andrew Thorburn to step in and take responsibility for the systemic and cultural issues around the witnessing of documents at the bank,” Angrisano said.
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
