National Australia Bank : NAB’s Financial Advice Customer Response Initiative Update

NAB welcomes today's financial advice customer remediation update from ASIC, which demonstrates NAB's ongoing commitment to improving outcomes for customers.

NAB's remediation program, the Customer Response Initiative (CRI), commenced in February 2015, and was designed with customer outcomes at its core - ensuring compensation for poor financial advice was provided in a timely and detailed manner.

NAB Chief Customer Officer, Consumer Banking and Wealth, Andrew Hagger, said NAB remains focused on lifting standards, finding and fixing issues, and improving culture and performance within the business to ensure we deliver for customers.

'We want to continually provide quality financial advice to our customers to help them create and protect wealth. In the past, some of our people haven't always done the right thing by our customers, and we take that very seriously. Where appropriate, this includes terminating our relationship with advisers who do the wrong thing.'

'That's why I have been highly focussed on driving improvements in the business to improve the standards and performance of our people, and to look for areas where we can, and must improve,' Mr Hagger said.

'Our Customer Response Initiative is designed to ensure that where we may have let our customers down, we look into it, and we make things right.'