NAB has come out in support of ASIC's decision to ban one of its former advisers for five years.
ASIC said that Gerard McCormack engaged in "misleading and deceptive conduct between June and July 2013, when he was a NAB adviser." Specifically, McCormack phoned an industry super fund pretending to be a member so as to gain information about that member's super account, and then assisted his client in lodging false withdrawal forms using that information.
Commenting on the ban, ASIC deputy chair Peter Kell said: "When acting on behalf of their clients, financial advisers must not engage in behaviour that is misleading or deceptive. As this case shows, conduct that breaches financial services laws will result in action by ASIC to remove them from the financial services industry."
NAB Wealth Advice executive general manager Greg Miller commended ASIC's decision, saying, "Advisers must follow all processes and procedures at all times to make sure they are doing the right thing by our customers, but this wasn't the case for Mr McCormack."
"We want to strengthen our business and ensure we are always open, transparent and take issues impacting customers seriously."