15 Dec 2015

NAB welcomes ASIC action

NAB today welcomed ASIC’s action against former Meritum adviser, Mark Tidbury.

Executive General Manager NAB Wealth Advice, Greg Miller, said that NAB proactively reported Mr Tidbury to ASIC after it had completed its own internal investigation.

In total, Mr Tidbury was only authorised to operate under the Meritum licence for ten months before that authorisation was terminated. NAB began investigating Mr Tidbury after NAB’s internal surveillance systems detected concerns with Mr Tidbury’s practices. Following these investigations, NAB terminated Mr Tidbury’s authorisation on 9 June 2014, and then reported the matter to ASIC.

“Doing the right thing by our customers must be the priority for advisers but this wasn’t the case for Mr Tidbury, which is why we took decisive action,” Mr Miller said.

NAB has contacted, and continues to compensate, customers impacted by inappropriate advice provided by Mr Tidbury. In addition, customers of Mr Tidbury who may have received inappropriate advice during this ten-month period are being contacted by NAB’s Customer Response Initiative to invite them to have their advice reviewed.

“We want to strengthen our business and ensure we are always open, transparent and take issues impacting customers seriously.”

Further information about NAB’s Customer Response Initiative is available via our October update.

Meritum Financial Group is a NAB Wealth licensee, with 110 authorised representatives across Australia.

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