28 Jun 2018

NAB welcomes ASIC action against former financial adviser

NAB today welcomed ASIC’s action against former financial adviser, Graeme Cowper.

NAB reported Mr Cowper to ASIC in January 2010, after an investigation into his conduct identified a range of concerns in relation to advice he had provided clients.

NAB Chief Customer Officer of Consumer Banking and Wealth, Andrew Hagger, said NAB remains focussed on driving improvements to ensure we continue to deliver for our customers.

“We will continue to lift the standards and performance of our people, and look for areas where we can improve,” Mr Hagger said.

“We expect our advisers to do the right thing by their customers, and we will hold individuals who don’t meet our expectations, or the expectations of our customers, to account.”

“We have policies and processes in place for very important reasons, and all advisers have a responsibility to comply with regulations, our policies and our Code of Conduct. Those who do not meet these standards will be held to account, just as Mr Cowper has been.”

NAB’s Customer Response Initiative commenced in February 2015, and was designed to ensure compensation for poor financial advice is provided in a thorough manner.

NAB has completed compensation payments to former clients of Mr Cowper, totalling $13.39 million through its Customers Response Initiative and its dispute resolution program. Mr Cowper left NAB’s employment in 2009.

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