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About NAB’s 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 customer experience.
The Customer Advice Review program commenced voluntarily in 2015, in consultation with the Australian Securities and Investments Commission (ASIC), and aims to review the financial advice provided by NAB Group advisers from 1 January 2009.
With its sole focus on the interest of customers, the Customer Advice Review program covers a range of advice areas including fees, insurance, investments, gearing, superannuation and conduct.
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 customers, shareholders and staff that we take issues impacting our customers seriously.
We believe the Customer Advice Review program will help us serve our customers better, both now and into the future.
NAB has appointed to the program an independent Office of the Customer Advocate to ensure our customers 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 customer’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.
Customers identified as potentially having received inappropriate advice may be contacted by NAB’s dedicated team of customer consultants. The consultant will seek to gather any information from the customer relevant to the advice they received during the period under review.
If we conclude at the end of the review that the advice the customer received was inappropriate, they will be compensated fairly for any financial loss they may have incurred.
How to contact CRI
If you have any concerns about advice you received from a NAB Group adviser from 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.