NAB expects further adviser provisioning
The National Australia Bank has foreshadowed further provisioning for remediation of adviser service fees for self-employed advisers, at the same time as announcing an unaudited statutory net profit of $1.7 billion for the third quarter on the back of a one per cent increase in cash earnings.
In a third quarter update released to the Australian Securities Exchange (ASX) the big banking group said its transformation remained on track but that it expected a further increase in provisioning.
NAB chief executive, Philip Chronican said that as previously highlighted, customer remediation programs and regulatory compliance investigations were continuing with potential for additional costs.
“While amounts and timing remain uncertain, additional provisions are expected to be recognised in the second half of 2019, including for adviser service fees for self-employed advisers,” he said.
Recommended for you
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
Estimates for the calendar year 2024 put the advice industry on track for a loss in adviser numbers as exits offset gains from new entrants.
Adviser Ratings shares five ways that financial advice changed in 2024 with an optimistic outlook for 2025, thanks to the Delivering Better Financial Outcomes legislation.
National advice firm Invest Blue has announced several acquisitions, including the purchase of an estate planning and wealth protection business Lambert Group.
