About our Wealth Management Customer Advice Review

NAB’s Wealth Management Customer Advice Review program aims to reinstate trust and confidence in the financial services industry and improve client experience.

The program began in 2015, in consultation with the Australian Securities and Investments Commission (ASIC), and aims to assess the financial advice provided by NAB Group advisers from 1 January 2009.

With its sole focus on the interest of clients, the Customer Advice Review program covers a range of financial advice categories including gearing, insurance, investments, superannuation, fees and conduct. It excludes the review of ongoing service fees which are being addressed separately.

Why we’re undertaking this review

We want to help more Australians secure their financial future. The Customer Advice Review program is an important step forward in showing our clients, shareholders and staff that we take issues impacting our clients seriously.

We believe the Customer Advice Review program will help us serve our clients better, both now and into the future.

NAB has appointed to the program an independent Office of the Customer Advocate to ensure our clients are well represented in the process, and that their best interests remain at the centre of our review.

How the review is conducted

The Customer Advice Review program applies a consistent methodology based on a comprehensive set of criteria which is applied across a range of key financial advice risk and compliance indicators. These indicators are used to determine if the advice provided was appropriate for the client’s needs, goals and circumstances at the time.

Our team of advice experts applies this methodology to identify which advice cases will be investigated further.

Clients identified as potentially having received inappropriate advice may be contacted by our dedicated team of client consultants. The consultant will seek to gather any information from the clients relevant to the advice they received during the period under review.

If we conclude at the end of the review that the advice the client received was inappropriate, they will be compensated fairly for any financial loss they may have incurred.

How to contact us

If you have any concerns about advice you received from a NAB Group adviser after 2009, we would like to hear from you. Please contact us on 1800 093 038.

Alternatively, if you are contacted by the team, please assist them with any information you are comfortable with sharing.

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