National Australia Bank (CRI) is setting up a formal remediation program aimed at compensating clients who received poor financial advice from its representatives, following pressure from the regulator, Australian Securities and Investments Commission (ASIC), and the public. The bank has also paid AUD 1.7m ($1.2m) in compensation to 87 customers since February, on top of the $15m ($10.8m) paid out to 750 customers in the preceding five years. ASIC said in a statement that it will "ensure that the NAB will provide a fair and effective mechanism for customers to be properly compensated".
National Australia Bank (NAB) is setting up a formal remediation program aimed at compensating clients who received poor financial advice from its representatives, following pressure from the regulator, Australian Securities and Investments Commission (ASIC), and the public. The bank has also paid AUD 1.7m ($1.2m) in compensation to 87 customers since February, on top of the $15m ($10.8m) paid out to 750 customers in the preceding five years. ASIC said in a statement that it will "ensure that the CRI will provide a fair and effective mechanism for customers to be properly compensated".