News: NAB National Australia Bank Responds To ASIC Proceedings About Ongoing Fee Arrangements

Dec 17 (Reuters) - National Australia Bank Ltd (NAB) :

• REFERS TO ASIC PROCEEDINGS IN RELATION TO ONGOING FEE ARRANGEMENTS
• FROM FEBRUARY 2019 NAB FP BEGAN SWITCHING OFF FEES FOR ALL CLIENTS WITH ONGOING FEE ARRANGEMENTS
• "NAB FINANCIAL PLANNING HAS MADE CHANGES TO SYSTEMS AND CONTROLS"
• CHANGES TO SYSTEMS INCLUDE CENTRALISATION OF PRODUCTION OF FEE DISCLOSURE STATEMENTS
• FROM APRIL 2019, NAB BEGAN TRANSITIONING CLIENTS TO 12-MONTH ADVICE CONTRACTS & CEASED ENTERING INTO NEW ONGOING FEE ARRANGEMENTS
• CHANGES INCLUDE IMPROVED GUIDANCE & TRAINING TO EMPLOYEES RELATED TO ONGOING SERVICE ARRANGEMENTS & FEE DISCLOSURE STATEMENT REQUIREMENTS
• FROM FEB NAB FP DETERMINED TO REFUND ALL ONGOING FEES PAID BY CLIENTS AFTER 31 MAY 2018 UNTIL CLIENT ENTERED INTO NEW ADVICE ARRANGEMENT
• HAVE ACKNOWLEDGED FAILURES WHERE CUSTOMERS PAID FEES FOR SERVICES THEY DIDN'T RECEIVE & HAVE PAID $37.8 MILLION TO 27,500 NAB FP CLIENTS
• REMEDIATION IS EXPECTED TO BE COMPLETED BY JUNE 2020

Source text : (https://bit.ly/34oHcjj)

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