NAB super trustee faces licence conditions

NAB super trustee faces licence conditions

The corporate regulator has imposed additional conditions on the AFSL of Nulis Nominees, the superannuation trustee owned by NAB.


A statement issued by ASIC this morning lists “breakdowns in internal procedures” including insufficient disclosure of insurance changes, inadequate training of staff and updating of insurance policies.

These failures resulted in members of NAB-owned superannuation funds having inaccurate death and TPD insurance tests applied to them between May 2013 and July 2015, with approximately $1.6 million in members’ claims underpaid or declined.

In addition, the statement said that NAB has identified 220,000 member accounts that were incorrectly charged fees at a value of $34.7 million.

Under the terms of the conditions, NAB will appoint KPMG – who has been approved by ASIC – to oversee new risk and compliance procedures and report on the adequacy of the new management practices.

Related Articles

 

NAB super trustee faces licence conditions
investordaily image
ID logo
promoted stories

Appointments

Karen McKeown

Local Government Super appoints director

Reporter

Neil Cochrane

First State Super CEO to retire

Reporter

Pally Bargri

AMP chief risk officer for advice departs

Killian Plastow

Analysis

investordaily image

Corporate governance and advocacy in China

Therese Niklasson

Dug Higgins

The shifting LIC landscape

Dug Higgins

investordaily image

The perils of chasing niche infrastructure

Frithjof van Zyp