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.
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.
AUTHOR
Laura Dew
Recommended for you
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.
Sequoia Financial Group has seen a top-level reshuffle as the chair of the board, John Larsen, steps down after five years in the position.
As statements of advice move into the rear-view mirror, Vital Business Partners explores how financial advisers are adopting innovative documentation strategies.
Adviser Ratings has explored whether there is a financial benefit to advice firms seeking to have a specialised client base in terms of client assets and fees charged.
