ASIC requests names of 37 NAB planners

national-australia-bank/compliance/financial-planning/peter-kell/australian-securities-and-investments-commission/

25 February 2015
| By Mike |
image
image
expand image

The Australian Securities and Investments Commission (ASIC) has told a Senate Committee that it does not have the names of all of the 37 planners terminated by National Australia Bank over the provision of inappropriate advice and who were the subject of a whistleblower report.

ASIC deputy chairman, Peter Kell told the Senate Economics committee that ASIC had requested the names of the 37 planners from the NAB and that it would then seek to reconcile those against breach reports that may have been filed by the bank.

Under vigorous questioning from National Party Senator, John Williams and Labor Senator, Sam Dastyari, Kell acknowledged that the regulator had been caught unawares by media reporting of the issues which had occurred within NAB and that a whistle-blower had necessarily come forward to ASIC.

Dastayari claimed that the issues around NAB "looks like Commbank all over again".

Kell said he could state whether NAB had acted appropriately with respect to the issues which were being raised and that the matter was now the subject of extensive work within ASIC.

Amid ASIC's evidence to the committee, Senator Williams tabled whistle-blower documents relating to the incidents at NAB and said he hoped they would assist ASIC.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 5 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 3 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND