Sorry, I actually don't have the time as I'm running my own FP practice and I have client meetings to prepare for. I do however know exactly what is occurring at NAB when it comes to refunding client fees as their compliance breaches relate to poor quality document delivery (SOA's).
Now link that comment to the MOU announcement? NAB is looking at mock SOA's and a trial process with IAM to test if IAM's document delivery (SOA's) is at a better quality then their own internal paraplanning business units at a reduced cost.
Banks are really struggling with their FP businesses across the board, hence why MF is so confident of the IAM product assisting them with their quality control that they don't need a marketing team. IPAC winning that award was endorsing the IAM product to the wider FP industry, look what we have achieved with IAM.
ASIC has raised the bar substantially and not only does the regulator demand client fees be refunded and compensated they also demand a solution. Is IAM a solution for a high volume document delivery based FP licensee?
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