Australian bank tackles vulnerable client issue
As global concerns see UK-based financial services software provider roll out an IFA support tool
NAB
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Australia’s big banks pay out A$120m for bad advice
NAB splashed the most cash at A32.4m for cases which involved a record number of 81 financial advisers
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PEOPLE MOVES: JO Hambro, Capital Group, Rothschild & Co
Asset manager names female chief executive to lead UK, Europe and Asia
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PEOPLE MOVES: NAB, Wealth Wizards, Nedbank Private Wealth
Former RBS chief moves to Australian bank, while digital advice firm makes C-suite hire
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Aussie bank’s remediation costs hit A$1bn mark
It hopes to help put things right where it has treated customers poorly
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PEOPLE MOVES: Aviva, Ardan International, Vistra
Three firms hire new CEOs and Nedbank Private Wealth names head of investments in Jersey
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Aussie Royal Commission report sparks jobs reshuffle
CEO and chairman of NAB resign while AMP changes wealth management business
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ANZ scraps financial planner bonuses
Australia banking giant ANZ has announced it will stop paying bonuses to financial planners selling its products, as it looks to change its banking practices in response to a royal commission focussing on misconduct in the sector.
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Australian banking giant to exit wealth management
National Australia Bank (NAB) is to exit its advice, platform, superannuation and asset management business by the end of 2019, according to the bank’s financial results.
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Bad advice sees Aussie banks pay A$51m
Australia’s five largest banking and financial services institutions have paid a further A$21.4m in compensation to customers who suffered losses because of “non-compliant conduct” by financial advisers, taking the total to A$51.4m (£29m, $41m, €33m). More claims are expected.
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PEOPLE MOVES: NAB, M&G and Vam Funds
Structural changes at NAB means the company’s general manager of wealth advice is leaving the company, Vam Funds has appointed a new director well known in the US mutual funds industry and M&G has made two internal fund manager appointments.
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Aussie advisers face years of imprisonment after ASIC action
Two banned financial advisers from Australia are facing years in prison for their malpractice following a series of inquiries by the Australian Securities and Investments Commission (Asic).