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Founder of Learn to Trade, Greg Secker’s investment journey began with him working in IT on a trading floor supporting the largest currency trader in London. With no real knowledge of finance and a $5000 gift from his mother, Greg entered the trading game and joins the Nestegg podcast to discuss his journey to success.

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Having previously joined the show to share how he is making a full-time income in only a few hours a week, Greg Morgan also joins host David Stratford to share how Learn to Trade set him on the path toward financial success, and why mindset and positivity is key to success as a trader.

The pair will explain why the current climate is the perfect time to be trading, explain the 5-2-1 rule and why it is so important, and reveal what the best investors are doing to cement their success.

You can keep up to date with what Learn to Trade are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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From financing a credit card debt to deciding on a home loan, Nest Egg’s got your back! " ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["page_heading"]=> string(66) "Borrow Money - Your Guide to Loans and Credit Management | nestegg" ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2019-11-19 04:50:06" ["slug"]=> string(54) "14163:the-importance-of-mindset-in-the-investment-game" ["catslug"]=> string(11) "302:podcast" ["link"]=> string(67) "/resources/podcast/the-importance-of-mindset-in-the-investment-game" ["image"]=> string(49) "images/podcasts/Learn_to_Trade_Greg__Greg_WEB.jpg" ["image_alt"]=> string(14) "Learn to Trade" } }

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Extra $800m remediation earmarked for NAB customers

By Grace Ormsby and Sarah Simpkins · October 02 2019

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Borrow

Extra $800m remediation earmarked for NAB customers

By Grace Ormsby and Sarah Simpkins
October 02 2019

Reading:

Extra $800m remediation earmarked for NAB customers

By Grace Ormsby and Sarah Simpkins · October 02 2019

Reading:

National Australia Bank (NAB) has indicated that it is setting aside an additional $832 million for customer-related remediation, with refunds for financial advice service fees a key driver of the cost.

Of the second-half 2019 charges, approximately 92 per cent are for wealth and insurance-related matters, with the remainder being caused by banking, it was outlined.

In combination with provisions raised from July 2018 to June 2019, which have not yet been utilised, NAB’s total reserve for customer remediation at 30 September was at $2.09 billion.

The bank said that the addition of the $832 million means it has fully estimated the provisions needed. Until all customer payments are completed, however, the final remediation costs remain uncertain.

According to NAB chief executive Philip Chronican, while the bank had previously expected the need for additional customer remediation provisions, the size of the provisions is significant.

The key items giving rise to the costs include provisions increased to allow for customer refunds based on total ongoing advice fees between 2009-2018 of around $1.3 billion, with an assumed refund rate of 36 per cent, or around 55 per cent including interest costs.

Provisions have been increased as well for non-compliant wealth advice and adviser service fees charged by NAB Financial Planning, reflecting higher expected costs and a higher assumed refund rate of 28 per cent (or around 39 per cent, including interest costs).

Consumer credit insurance sales through certain NAB channels also contributed, related to a remediation program that arose from an ASIC industry-wide review.

“We have undertaken to significantly uplift customer remediation practices, as part of a broad program of reform to change the way we operate and ensure NAB meets customer and community expectations,” Mr Chronican has outlined.

“We have made approximately 450,000 payments to customers with a total value of $202 million between June 2018 and August 2019, and have a dedicated remediation team of about 400 people helping to bring greater discipline and focus to remediating customers.”

“We understand that shareholders will be rightly disappointed. However, we also recognise the need to prioritise dealing with these past issues and fixing them for customers.

It comes after ASIC’s recent announcement that it would legally challenge NAB’s use of unlicensed home loan introducers.

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About the author

Grace Ormsby and Sarah Simpkins

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.