{"id":42647,"date":"2018-10-16T15:58:24","date_gmt":"2018-10-16T05:58:24","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=42647"},"modified":"2018-10-16T16:02:41","modified_gmt":"2018-10-16T06:02:41","slug":"nab-sets-advice-remediation-costs-at-314-million","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2018\/10\/16\/nab-sets-advice-remediation-costs-at-314-million\/","title":{"rendered":"NAB Sets Advice Remediation Costs at $314 Million"},"content":{"rendered":"

NAB has become the third bank, in as many weeks, to release figures outlining the expected costs of remediation related to its financial advice business, and will set aside $314 million for the task.<\/p>\n

\"\"<\/a>
NAB Chief Executive Officer, Andrew Thorburn<\/figcaption><\/figure>\n

The bank released the figure via a statement to the ASX which noted the remediation costs were for \u201c\u2026refunds and compensation to customers impacted by issues in NAB\u2019s Wealth business, including adviser service fees, plan service fees, the Wealth advice review and other Wealth related issues\u201d.<\/p>\n

The figure released also included costs for implementing the remediation processes but did not included any costs associated with responding to the Financial Services Royal Commission.<\/p>\n

NAB stated that \u201c\u2026approximately 69 per cent of these costs will impact revenue, with the balance reported in expenses\u201d and there was potential for further costs as the remediation programs continued in 2019.<\/p>\n

NAB Chief Executive Officer, Andrew Thorburn<\/strong> said, \u201cWhere we have let customers down we are determined to put things right. We have made good progress in resolving a number of issues that impacted our customers and we want to compensate them as quickly as possible.\u201d<\/p>\n

Recently, ANZ announced it would set aside $374 million for remediation costs related to financial advice (see: ANZ Earmarks $374 Million for Advice Remediation<\/a>) and Westpac announced it would set aside $235 million for the same work (see:\u00a0Westpac Flags $235 Million For Advice Remediation<\/a>).<\/p>\n

Earlier this year, ASIC indicated remediation costs related to ‘fee for no service’ advice could run as high as $850 million (see:\u00a0Fee For No Service Remediation Could Pass $850 Million<\/a>).<\/p>\n","protected":false},"excerpt":{"rendered":"

NAB has become the third bank, in as many weeks, to release figures outlining the expected costs of remediation related to its financial advice business, and will set aside $314 million for the task.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,8,4,5],"tags":[],"class_list":["post-42647","post","type-post","status-publish","format-standard","category-company-news","category-compliance-regulation","category-products","category-services"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/42647","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=42647"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/42647\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=42647"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=42647"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=42647"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}