NAB Wealth to pay more compensation

John Kavanagh
National Australia Bank's wealth management division NAB Wealth will pay A$25 million in compensation to around 62,000 clients, following the completion of its compensation program.

The Australian Securities and Investments Commission announced the outcome of an independent review by PricewaterhouseCoopers into NAB Wealth's Navigator wrap platform.

PwC found errors in income and tax estimations on the platform, which resulted in money being held on the platform when it should have been paid to customer accounts.

The errors date back to 2001 (NAB took over the Navigator platform when it acquired Aviva in 2009).

NAB had already paid $1.9 million of compensation to 43,000 customers in 2012.