21 Oct 2015

NAB Wealth’s Customer Response Initiative update

NAB Wealth today announced that it has started proactively writing to customers as part of its Customer Response Initiative.

NAB Wealth Group Executive, Andrew Hagger, said today’s update confirms NAB’s August update that we would start writing to customers in October, where there may have been financial loss caused by inappropriate advice.

“We’re committed to helping restore customer trust and confidence in the financial planning industry. As part of this, we’re taking a detailed look at our advice business, acknowledging that we may have made mistakes. Where we identify these, we’ll try to make things right.

“In August, we said we would begin writing to customers starting in October who may have received inappropriate advice dating back to 2009. We have now started this process.

“It’s important for our customers that we undertake this review in a thorough manner – and we will. Where customers have suffered loss due to inappropriate advice, we will compensate them for that loss,” Mr Hagger said.

NAB will be writing to customers through a staged process as it continues its review of advice files. Each customer will have a dedicated associate who will be able to answer questions about the review process.

Further, Professor Dimity Kingsford Smith will continueher role as anindependent Customer Advocate in the implementation of the initiative, to ensure that the interests of customers remain at the centre of the review.

Since February, NAB has made $1.7 million in payments to 87 customers after resolving their claims for compensation. NAB is also continuing to respond to new complaints within 45 days as it has committed to.

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