NAB
Australian banking giant to exit wealth management
National Australia Bank (NAB) is to exit its advice, platform, superannuation and asset management business by the end of 2019, according to the bank’s financial results.
Bad advice sees Aussie banks pay A$51m
Australia’s five largest banking and financial services institutions have paid a further A$21.4m in compensation to customers who suffered losses because of “non-compliant conduct” by financial advisers, taking the total to A$51.4m (£29m, $41m, €33m). More claims are expected.
PEOPLE MOVES: NAB, M&G and Vam Funds
Structural changes at NAB means the company’s general manager of wealth advice is leaving the company, Vam Funds has appointed a new director well known in the US mutual funds industry and M&G has made two internal fund manager appointments.
Aussie advisers face years of imprisonment after ASIC action
Two banned financial advisers from Australia are facing years in prison for their malpractice following a series of inquiries by the Australian Securities and Investments Commission (Asic).
Australian adviser given life ban for stealing A$2.3m
An Australian financial planner has been jailed and permanently banned from providing financial services after pleading guilty to stealing more than A$2.3m (£1.3m, $1.7m, €1.5m) from a nurse to fund his lavish lifestyle.