NAB apology for sales pitch

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.