About our Wealth Management Customer Advice Review

NAB’s Customer Advice Review was established in 2015 to assess financial advice provided by NAB Group advisers. The program was developed in consultation with the Australian Securities and Investments Commission (ASIC) and is one of many client-focused remediation programs being run by NAB.

The aim of the Customer Advice Review is to:

  • review and assess the appropriateness of financial advice provided to clients after 1 January 2009
  • identify any systemic issues which may have resulted in a financial loss for the client
  • compensate clients where required
  • put controls in place to ensure our advisers deliver the quality of service that clients expect.

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*.

Why we're undertaking this review

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 clients, shareholders and staff that we take issues impacting customers seriously.

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

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

How the review is conducted

Our team of advice experts apply a consistent review methodology to determine if the advice provided by NAB Group advisers was appropriate for their client’s, goals, needs and objectives at the time. Clients 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 client 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 client in writing at the end of our review.

How to contact us

If you have any concerns about the financial 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 our team, please provide them with any information you think may assist with our review.

Important information

*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

We're ready to help you

Call 1800 093 038

Mon- Fri 8am - 6pm (AEST/AEDT)