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Money NAB planners falsifying forms a 'social norm'

02:31  25 april  2018
02:31  25 april  2018 Source:   msn.com

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Thousands of National Australia Bank customers have had their planner falsify documents relating to their finances, a senior executive has told the banking royal commission, admitting that the practice was a " social norm " within the bank. But the bank’s crackdown on planners falsifying death

NAB planners falsifying forms a ' social norm ' squib. by The Sydney Morning Herald 4 months ago. Thousands of customers were affected by false signatures as senior executives complained about having bonuses cut.

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Thousands of National Australia Bank customers have had their planner falsify documents relating to their finances, a senior executive has told the banking royal commission, admitting that the practice was a "social norm" within the bank.

But the bank’s crackdown on planners falsifying death beneficiary forms led to senior executives warning the bank it was acting unfairly towards to senior staff by trying to hold them responsible for the unlawful behaviour.

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03:52 04 may 2018 Source: gizmodo.com.au. NAB planners falsifying forms a ' social norm '. Thousands of customers were affected by false signatures as senior executives complained about having bonuses cut.Thousands of National Australia Bank customers have had their planner falsify

From a sociological perspective, social norms are informal understandings that govern the behavior of members of a society . Social psychology recognizes smaller group units, such as a team or an office

Other documents presented to the royal commission showed a litany of issues within NAB's wealth arms and how the bank was yet to provide funding for any broad compensation plan for customers affected by inappropriate advice or misconduct by planners.

The royal commission heard on Tuesday that NAB planners who failed to properly complete key financial planning documents, including insurance policies, roped in other staff to falsely witness the documents despite not having witnessed the signatures of the clients.

One NAB planner, Bradley Meyn, also forged the initials of a married couple after failing to fill in the death beneficiary form properly, but was caught out when he put the husband’s initials on the wife’s form and the wife’s initials on the husband’s form.

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There are many more Normal forms that exist after BCNF, like 4NF and more. But in real world database systems it’s generally not required to go beyond BCNF. Exercise 1: Find the highest normal form in R (A, B, C, D, E) under following functional dependencies.

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A review by NAB in early 2017 found 353 NAB employees, including planners and customer service officers, had been involved in incorrectly witnessing binding client documents, the royal commission heard.

Andrew Hagger, chief customer officer of the National Australia Bank's wealth and consumer division in the witness box at The Royal Commission into Misconduct in the Banking, © Fairfax Media Andrew Hagger, chief customer officer of the National Australia Bank's wealth and consumer division in the witness box at The Royal Commission into Misconduct in the Banking, NAB consumer and wealth division’s chief customer officer Andrew Hagger admitted NAB planners had a culture where they thought the false witnessing of documents would help the clients.

“In relation to the financial advice area there was a failure of discipline behind this,” Mr Hagger said.

“I believe that the client service officers and advisers and the advisers concerned thought they were taking a shortcut in the interest of the client. I think a social norm had crept in and became entrenched."

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National Australia Bank 's profits have surged to .58billion, despite being found to have regularly falsified signatures on death beneficiary forms at the banking royal The results come after NAB financial planners were found to have acted in a negligent way by the banking royal commission.

Social norms are the behaviors that are considered acceptable on a group or society . See some examples here. There are many social norms widely accepted in western society . They can range from ones expected while in public to ones that are in regards to dining or being on a phone.

Senior counsel assisting the royal commission Rowena Orr, QC, said such false witnessing could result in estate trustees invalidating the form and making decisions about a client’s estate that is against their wishes.

Mr Hagger said NAB had brought in a program to have the documents of all affected clients witnessed appropriately.

Mr Meyn’s false witnessing of client documents was detected in an audit by the bank in November 2016. He was terminated as a NAB employee in December 2016.

However, the royal commission heard NAB did not tell the Australian Securities and Investments Commission of Mr Meyn’s breach until June 2017.

By October last year, NAB’s internal review found 2250 clients had superannuation and insurance forms falsely witnessed.

Ms Orr took Mr Hagger to a series of internal documents that showed the bank’s financial planning leadership team and the group’s regional executives received a reduced bonus in 2017 despite the issues within the planning arm.

One internal document showed NAB general manager Tim Steele complaining to his boss, the head of NAB wealth advice Greg Miller, about the bank's plans to reduce his bonus over the false witnessing issues.

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Social norms , like many other social phenomena, are the unplanned result of individuals’ interaction. Like a grammar, a system of norms specifies what is acceptable and what is not in a society or group. And, analogously to a grammar, it is not the product of human design.

Normative Planning The normative theory of planning stipulates how the world ought to be and provides ideas about how to achieve this state This is to say that what is considered a norm in one culture, time, and geogrpahic space differs as all cultural, regional and national barriers are

Mr Tim Steele said the decision to crimp his would create a “likely perceived unfairness of the consequences” that could lead to a “lack of trust in senior leadership”.

Mr Miller also complained about the bank cutting executive bonuses due to disciplinary issues of planners.

Mr Hagger said that at the time Mr Steele wrote the letter complaining about his cut bonus NAB was considering making a steeper cut to Mr Steele’s bonus.

NAB later decided to cut Mr Steele’s bonus by only 10 per cent. NAB wealth advice boss Greg Miller, who no longer works at the bank, received no bonus in 2017.

NAB chief executive Andrew Thorburn was involved in the decisions to cut the bonues and had pushed for the cuts to go deeper, the royal commission heard. Mr Hagger said his bonus was also cut by 0.5 per cent, or $60,000.

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