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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss whether owner-occupiers should withdraw from the property market, the effects of Tuesday blues on the ASX, upcoming super changes and more.

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Steve Waters, director of Right Property Group, chats about current property price movements and whether owner-occupiers are being priced out of the market.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into the Tuesday blues effect and the implications for Aussie investors.

And lastly, tax and super guru Timothy Munro talks about upcoming super changes and shares his handy checklist ahead of tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Big 4 bank flags remediation hit

By Cameron Micallef

October 23 2020
Share

Invest

Big 4 bank flags remediation hit

By Cameron Micallef
October 23 2020

One of Australia’s big four banks is gearing up to pay another hundred-million-dollar fine, according to the company announcement.

Big 4 bank flags remediation hit

By Cameron Micallef

October 23 2020
Share

One of Australia’s big four banks is gearing up to pay another hundred-million-dollar fine, according to the company announcement.

NAB has announced a net increase of $380 million for customer-related remediation, of which $245 million is for wealth-related matters, while $135 million is for banking-related matters.

There has also been a net increase in payroll remediation provisions of $128 million, while the bank expects an impairment charge of $134 million for property-related assets.

Wealth-related charges stem from non-compliant advice given to wealth customers, along with adviser service fees charged by NAB Financial Planning.

There has also been a general increase for ongoing liabilities associated with parts of the existing wealth remediation program that NAB retains responsibility for following the sale of MLC to IOOF. The charges will reduce NAB’s common equity tier 1 capital ratio by around 15 basis points.

The bank also announced payroll distributions, with self-reporting finding current employment potentially received lower than expected payments.

“NAB will be remediating underpayments back to 1 October 2012, expected to result in new provisions of $128 million before tax in 2H20 comprising expected compensation costs of $110 million and cost of remediation program of $18 million,” the statement said.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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