NAB reporting all planner departures
The Australian Securities and Investments Commission (ASIC) is being informed of every adviser who leaves the National Australia Bank's planning businesses and the reasons why they leave.
MLC chief executive and Group Executive, NAB Wealth, Andrew Hagger has revealed the bank's new practice as part of evidence to a Senate Committee in which he said the business was now both meeting and exceeding its obligations.
Answering questions about how the bank was handling its breach reporting obligations to ASIC, Hagger said that it was actually going further than the requirement "whereby we are actually reporting to ASIC all advisers who depart our network and the categorisation of the reasons for that
departure".
Hagger told the committee that the bank had increased its level of breach reporting in recent times on the basis of a consultants' report which suggested that while its breach-reporting processes were sound, they were not timely enough.
"We want to report to ASIC as much as we can and that is why we have just announced that whenever an adviser departs we will be advising ASIC of all advisers and our categorisation of the reasons for their departure," he said.
Under questioning by Senators, Hagger said he believed the level of reporting now being undertaken by NAB was higher than that which will be required under the terms of the new adviser register administered by ASIC.
Recommended for you
Three months after its separation from Insignia Financial, Rhombus Advisory CEO Darren Whereat has shared how the firm is supporting the growth aspirations of its advice network.
As the dust settles on the AMP BOLR settlement, Money Management understands several participants are still hopeful of making an appeal for a fairer sum.
Four advice industry leaders share tips from their career experiences and what has helped progress to their senior leadership positions.
A new Sydney wealth manager for high-net-worth individuals has launched, formed from a buyout of multiple operational aspects of Pitcher Partners’ wealth management arm and run by experienced adviser Charlie Viola.