NAB Wealth committed a mistake while calculating compensation to 43,000 clients in 2012, reveals a recent review of its Navigator platform.
The review found that the compensation amount was wrong. The bank already paid $1.9m earlier in 2012 after discovering an investment income error on its Navigator platform.
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After the review, NAB Wealth still needs to pay an additional amount against the investment income, which is expected to be less than $200,000.
NAB Wealth group executive Andrew Hagger said: "We will take every step to ensure that our customers are compensated and as soon as possible."
"We are working with PwC to provide an independent view on these changes to ensure best practice solutions are being implemented."
The mistake has been reported by the wealth management arm of the bank to the Australian Securities and Investment Commissions (ASIC), which further directed the bank to hold a review on the issue by appointing an independent expert.
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By GlobalDataThe review process is being taken care by PricewaterhouseCoopers, assessing the adequacy of already paid compensation and the process adopted to identify customers potentially impacted.
PwC will also look into the accuracy of NAB Wealth in allocating income to its customers and its breach identification, reporting and management processes.
