NAB Wealth today provided an update on its financial advice Customer Response Initiative, highlighting that since February it has made $1.3 million in payments to customers after resolving their claims for compensation.

Group Executive, NAB Wealth, Andrew Hagger said that NAB started working on the Customer Response Initiative in February to improve our customer’s experience with NAB Wealth and to make sure that where we identify problems that we fix them.

“Today’s update is another important step to strengthen our business and ensure we are always open, transparent and take issues impacting customers seriously,” Mr Hagger said.

“I would like to thank Professor Dimity Kingsford Smith who has played an important role in the design of our Customer Response Initiative as our Customer Advocate.

“Professor Kingsford Smith has begun meeting with customer advisers and connecting with independent consumer organisations including consumer advocacy and financial counselling organisations. This is to help ensure that customers experience a proper level of care and empathy through the Initiative.”

Since February, NAB has made $1.3 million in payments to 62 customers after resolving their claims for compensation. Half of these customers have received $5000 or less. NAB is also continuing to respond to new complaints within 45 days as it has committed to.

NAB is also continuing to work with stakeholders before writing to customers of advisers where it believes there may have been financial loss caused by inappropriate advice since 2009. NAB expects to begin to write to customers through a staged process from October.