National Australia Bank has entered a trading halt ahead of announcing leadership changes.
The big banking group announced a pause on the Australian Securities Exchange shortly after 3pm and followed it up with a formal statement regarding impending leadership changes.
Speculation has swirled around the future of chief executive, Andrew Thorburn, following adverse references in the final report of the Royal Commission into Misconduct in the Banking Superannuation and Financial Services Industry.
Superannuation funds have thrown their support behind the QAR reforms but want a “clear statement” that they will not be required to check all member SOAs.
In its latest report, the corporate regulator says the deduction of advice fees has led to instances of “inappropriate erosion of members’ balances”.
Financial advice is having a significant impact on how Australians are engaging with the more complex aspects of their superannuation, new findings have shown.
While the Financial Advice Association Australia said it supports a performance testing regime “in principle”, it holds reservations about expanding this scope to retirement products.
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