NAB Wealth has announced it will compensate users of its Navigator platform, in light of a series of investment income errors that occurred between 2006 and 2012.
NAB Wealth identified the original error that occurred on NAB Wealth’s Navigator platform in 2012 and subsequently paid $1.9 million in compensation to 43,000 customers.
Following a review of the matter, however, NAB Wealth has discovered an additional amount of compensation is required as the initial amount refunded to its customers was incorrect.
In a statement released yesterday, NAB Wealth said all affected customers are expected to be refunded with this additional compensation as soon as possible.
NAB Wealth group executive Andrew Hagger said the business will compensate customers where inadequacies in its investment income allocation processes and procedures have resulted in incorrect compensation.
“We will take every step to ensure that our customers are compensated and as soon as possible,” said Mr Hagger.
At ASIC’s request, NAB Wealth has also appointed PricewaterhouseCoopers to review the adequacy of compensation already paid, NAB Wealth’s operating system and its capacity in allocate income to customers and NAB Wealth’s breach identification, reporting and management process.
Mr Hagger said the main issues are around processes, systems and controls.
The shadow treasurer says advisers can’t be blamed for the high cost of advice as they struggle with increased levies ...
The advice network says it has upgraded its expectation for cost savings to $4 million as a result of Diverger’s ...
Single adviser-led firms continue to expand their footprint in the Australian advice ecosystem, Adviser Ratings research ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin