WealthHub Pays $1 Million Fine Over Decade of Reporting Breaches
Synopsis
NAB-owned online broker WealthHub has been fined more than $1 million after ASIC found it failed to accurately report regulatory data more than 9.5 million times over a decade.
Key Highlights
- ASIC’s Markets Disciplinary Panel has ordered NAB subsidiary WealthHub to pay more than $1 million in fines.
- WealthHub has not been able to accurately report its regulatory data over 9.5 million times over the last 10 years as listed.
- The online broker has settled by paying the penalty and complied with the infringement notice.
The Markets Disciplinary Panel (MDP) of the Australian Securities and Investments Commission (ASIC) has slapped NAB’s 100% owned online broking subsidiary WealthHub with a fine of more than $1 million after an investigation found that over a 10-year period it had failed to report regulatory data accurately in almost 9.5 million instances.
The investigation found WealthHub had not provided complete and accurate regulatory data, which breached its reporting obligations, ASIC said.
Reporting Failures Spanned a Decade
WealthHub could not, between 28 July 2014 and the time of re-approval on 31 October 2024, maintain the organisational and technical resources required by it to process its reporting requirements as registered under the MDP.
The panel also determined the broker consistently omitted the reportable intermediary ID from trade reports it submitted to market operators, including the ASX.
Penalty Paid
The MDP also remarked that WealthHub did not scale sufficiently to confirm accurate data entry. WealthHub, for its part, has made payments on the infringement notice and complies with ASIC.
Source: Capital Brief
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