NAB Wealth Customer Response Initiative
We’re committed to helping to restore customer trust and confidence in the financial planning industry.
As part of this we announced earlier this year that we’re taking a detailed look at our advice business, acknowledging that we may have made mistakes, and where we identify these, trying to make things right.
We started working on our Customer Response Initiative in February to improve our customers' experience with NAB Wealth, and to make sure that where we identify problems that we fix them.
As part of the next step in this initiative, we will be pro-actively identifying and writing to customers who may have suffered loss as a result of inappropriate financial advice since 2009. We will be approaching this in a staged way, letting these customers know that we will be undertaking a detailed review of their customer files.
One of NAB’s commitments was to bring independence to this process. To this end in May 2015 we appointed an independent Customer Advocate, Professor Dimity Kingsford-Smith to ensure the interests of customers remain at the centre of the process. Further information about Professor Kingsford-Smith’s role.
At NAB, we are proud, but not perfect. We are dedicated to making sure customers get the right advice every time, and will compensate customers who suffered loss due to inappropriate advice they previously received from a NAB Wealth Advice Licensee representative.
The Customer Response Initiative is an important step in showing that we take issues impacting clients seriously. Trust and professionalism across the industry is essential to making advice accessible and affordable, to help Australians secure their financial future.
If you would like to learn more about the Customer Response Initiative.
Group Executive, NAB Wealth and CEO, MLC
Details of the programme:
Customer Advice Review – Customer overview and timeline
NAB is committed to helping restore customer trust and confidence in the financial planning industry. As part of this, we are taking a detailed look at our business, acknowledging that we may have made mistakes.
What are we doing?
NAB has launched the customer advice review, through which we’ll investigate all cases where customers may have been given inappropriate advice by their financial advisers. We’ll compensate any customers found to have suffered financial loss as a result of inappropriate advice.
How will it happen?
We’ve engaged a team of experts to identify cases that should be investigated based on a number of factors.
Customers identified for the review will receive a letter to inform them of the review process.
NAB’s dedicated team of experienced consultants will contact customers and advisers to gather all relevant information in order to conduct the advice reviews.
If, at the end of the review process, we find that a customer has received inappropriate financial advice, we’ll compensate the customer for any financial loss.
It’s expected that the end-to-end customer review process will take up to 4 months. For more information visit customer advice review timeline map.
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