• Contact
  • Feedback
Banking Day
Stay Ahead. Stay Informed.
Concise. Candid. Provocative.
Get the daily banking news that matters
Banking Day – Your trusted source for independent financial insights.
Subscribe Now
  • News
  • Topics
    • All Topics
    • Briefs
    • Major Banks
    • Authorised deposit-taking institutions
    • Insurance, funds and super
    • Payments, mobile & wallets
    • Consumer lending
    • Mortgages
    • Business lending
    • Finance regulation
    • Debt capital markets
    • Ratings agencies
    • Equity capital markets
    • Professional services
    • Work & career
    • Foreign news
    • Other topics
  • Free Trial
  • Subscribe
  • Resources
    • Industry events
  • About us
    • About Banking Day
    • Advertise
    • Feedback
    • Contact Banking Day
  • Search
  • Login
  • My account
    • Account settings
    • User Admin
    • Logout

Login or request a free trial

NAB still unclear on remediation costs

23 April 2019 4:00PM
National Australia Bank's total cost for customer-related remediation has hit A$1.1 billion, following the bank's announcement last week that it had booked additional charges of $525 million.The increased provision would reduce half-year profit by an estimated $325 million.Of the latest round of charges, 91 per cent relate to the bank's wealth business. Key items involved in the remediation program include consumer credit insurance sales, non-compliant advice given to wealth customers, service fees charged by NAB Financial Planning and fees charged by NAB Advice Partnerships.There are also some banking related matters, including incorrectly charged fees on certain fee-exempt transactions.NAB chief executive Phil Chronican said in a statement that the bank had 350 people working on customer remediation and that number would soon increase to 500 "as we bring greater focus and discipline to resolving issues and making sure they do not happen again".Remediation costs are likely to go higher. The bank said that the increased provision in relation to NAB Advice Partnerships was to cover the expected costs of undertaking the review. At this stage the provisions "exclude any allowance for customer refunds, which are still to be determined."

I'm a returning subscriber

*
Password reset *
Login

Request a free trial

  • Emailing you the news at 7am.
  • Covering core lending and funding issues, strategy, payments, regulation, risk management, IT, marketing and more.
  • Original news and summaries of major stories from other media – ditch your newspaper subscriptions.
  • Focused on banking and finance, saving you the time spent wading through newspapers and other services.
  • With reporting from former editors and senior writers from the AFR and The Australian.
  • Configured for your phone, laptop and PC.
Free trial Banking Day
ConfidentiallySpeaking.com.au Logo
High-impact negotiation masterclass | July 9 & 16, 2025 | 5:00pm - 8:30pm
This high-impact negotiation masterclass teaches practical strategies to help you succeed in challenging negotiations.
Register Now

Consumer lending

  • Latitude, Harvey Norman liable for interest free GO card con

Copyright © WorkDay Media 2003-2025.

Banking Day is a WorkDay Media publication

WorkDay Media Unit Trust

  • Privacy policy
  • Terms of access and use