About NAB’s Wealth Management Customer Advice Review

NAB’s Wealth Management Customer Advice Review program, the Customer Response Initiative (CRI), is our commitment to improving our customers' experience with us.

The CRI Program is conducting a review of financial advice provided between 1 January 2009 and 31 December 2015. In doing this, CRI strives to determine if the financial advice provided to customers was appropriate. Our review may look at advice issues such as fees, insurance, investments, gearing, superannuation, conduct or any combination of these.

In preparing for this review, NAB has consulted with the Australian Securities and Investments Commission (ASIC) to ensure the program has the right approach.

Why we’re undertaking this review

The CRI Program is an important step in showing that we take issues impacting customers seriously. Trust and professionalism across the financial advice industry is essential to helping Australians secure their financial future.

NAB has brought independence to this process by appointing an independent Customer Advocate to ensure the interests of customers remain at the centre of all that we do.

We value the trust and confidence of our customers, and believe that this advice review will help us serve our customers better, both now and into the future.

How the review is conducted

In selecting advisers for review, CRI applies a consistent process based on comprehensive criteria across a range of key financial advice risk and compliance indicators. Our team of experts then identify which advice cases will be investigated based on a range of factors.

Customers identified as potentially having received inappropriate advice may be contacted by NAB’s dedicated team of consultants. The consultant informs customers about the advice review process and gathers all relevant information.

At the end of the review process, if we conclude that advice was inappropriate, we will update the customer and compensate fairly if financial loss was incurred.

How to contact CRI

While CRI identifies advice cases to be reviewed, CRI would also like to hear from customers who may have concerns about past advice received. If you have any concerns about the financial advice you received after 2008, please contact us on 1800 093 038.

Sincerely,

Andrew Hagger
Chief Customer Officer, Consumer Banking & Wealth Management

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