NAB remediation reaches $32m

National Australia Bank (NAB) has paid out over $32 million in customer remediation as at 30 June, 2019, part of total $119m paid out by Australia’s five largest banks.

According to the Australian Securities and Investment Commission (ASIC), some $119.7 million has been paid to customers who suffered loss or detriment because of non-compliant advice between 1 January, 2009 and 30 June, 2015.

NAB paid $32,432, 131 to 1,032 customers during the period, the highest figure by the five banks. It also had the highest total of financial advisers at 81, almost double the second-highest figure which was 44 advisers at Westpac.

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Westpac and ANZ both paid out around $26,000 to 1,357 customers (ANZ) and 1,173 customers (Westpac).

This was followed by AMP who paid out $24,854,075 to nearly 2,000 customers, the highest volume of affected customers.

Lastly, Commonwealth Bank paid $9,269,005 to 853 customers, the smallest sum and customer total.

There was a range of timescales for when the banks expected to complete their payments with Commonwealth expected to complete in November 2019 but NAB estimating it would take until December 2022.

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