NAB expects further adviser provisioning

NAB national australia bank remediation adviser service fees net profit ASX australian securities exchange big four philip chronican customer remediation

14 August 2019
| By Mike |
image
image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Interesting. Would be good to know the details of the StrategyOne deal....

4 days 1 hour ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 2 days ago

increased professionalism within the industry - shouldn't that say, FAR register almost halving in the last 24 months he...

4 weeks 1 day ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 4 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

2 days 23 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

2 days 2 hours ago