NAB’s Customer Advice Review was established in 2015 to assess financial advice provided by advisers who operated under a NAB Group licensee between 1 January 2009 and 31 December 2015 (review period). The program was developed in consultation with the Australian Securities and Investments Commission (ASIC) and is one of many customer-focused remediation programs being run by NAB.
The aim of the Customer Advice Review is to:
Our review covers a range of financial advice areas including direct equities, investments, insurance, superannuation, and asset allocation. The review of ongoing Adviser Service Fees is managed separately by NAB’s Adviser Service Fee program*.
We want to help more Australians secure their financial future and are committed to providing our customers with compensation where we identify that the financial advice they received was not appropriate for their goals, needs and objectives at the time.
The Customer Advice Review is an important step forward in showing our customers, shareholders and staff that we take issues impacting customers seriously.
We believe the Customer Advice Review will help us serve our customers better, both now and into the future.
NAB has appointed an independent Office of the Customer Advocate to ensure that customers are well represented throughout the process, and that their best interests remain at the centre of our review.
Our team of advice experts apply a consistent review methodology to determine if the financial advice provided by advisers who operated under a NAB Group licensee was appropriate for their customer's goals, needs and objectives at the time. Customers may be asked to provide additional information such as documents or emails which relate to the financial advice they received after 1 January 2009.
If our review finds that the advice the customer received was not suitable for their goals, needs and objectives at the time, they may be entitled to compensation. Details of any offer of compensation will be issued to the customer in writing at the end of our review.
If you have any concerns about the financial advice you received from an adviser who operated under a NAB Group licensee after 2009, we would like to hear from you.
Please contact us on 1800 093 038.
Alternatively, if you are contacted by our team, please provide them with any information you think may assist with our review.
*NAB’s Adviser Service Fee program is reviewing fees paid in relation to your ongoing service agreement. For more information about this program, please contact the Wealth Remediation Support Centre on 1300 405 562 between 8am and 6pm (AEST/AEDT) Monday to Friday (+61 3 8372 8588 if you are calling from outside Australia), or by email at wealthremediation.enquiries@nab.com.au.
Website: nab.com.au/wealthremediation
Mon- Fri 8am - 6pm (AEST/AEDT)
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