9 November 2000 - National to co-operate fully with ASIC enquiry into advisor commissions

Thursday, 9 November 2000

The National Australia Bank will co-operate fully with the ASIC enquiry into adviser commissions. It is confident the enquiry process will clarify these issues for the financial planning industry.

Mr Andrew Linklater, General Manager, Premium Financial Services said the National welcomed the opportunity to discuss the National's compliance and disclosure processes.

Mr Linklater said the National's remuneration policy for financial planners has been previously disclosed to ASIC.

"We make extensive disclosure of commission payments to our customers and invest heavily in the training of financial planners."

The ASIC enquiry does not mean a breach of any regulation has taken place.

"We are confident that our procedures in this area are consistent with the highest level of industry practice and fully comply with ASIC regulations," Mr Linklater said. "We will be assisting ASIC wherever possible and hope to resolve this matter in an open and timely fashion."

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