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.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 17 Oct 2018Private banking has no place for bad advisersBy Eliot Hastie
- 17 Oct 2018CBA admits failure to tackle conflicted adviceBy James Mitchell
- 16 Oct 2018NAB to address advice issues in $314m payoutBy Eliot Hastie
- 16 Oct 2018Former BT exec joins mortgage and financial advice groupBy Reporter
- 16 Oct 2018ANZ under fire over ‘conflicted’ IOOF dealBy James Mitchell
- 16 Oct 2018Advisers should be early call in divorce casesBy Adrian Flores
- view all