NAB apol­ogy for sales pitch

Townsville Bulletin - - BUSINESS DAILY -

NA­TIONAL Aus­tralia Bank has apol­o­gised to at least 150,000 cus­tomers for fail­ing to dis­close its ad­vis­ers were cross- sell­ing the bank’s prod­ucts.

The bank is­sued the apol­ogy about the re­la­tion­ship be­tween its ad­vis­ers, its fi­nan­cial ad­vice li­censees and rec­om­mended in­vest­ments, fol­low­ing an Aus­tralian Securities and In­vest­ments Com­mis­sion in­ves­ti­ga­tion.

ASIC found NAB’s fi­nan­cial ad­vis­ers were rec­om­mend­ing prod­ucts to cus­tomers with­out dis­clos­ing th­ese were is­sued by the group’s firms.

NAB says it failed to up­date tem­plate doc­u­ments its fi­nan­cial ad­vis­ers gave to cus­tomers be­tween 2007 and early 2016 so they in­cluded de­tails of new in­vest­ment man­agers the group had ac­quired or taken a share­hold­ing in.

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