Shine Lawyers has commenced investigations into the compensation offered to hundreds of National Australia Bank (NAB) Wealth customers who lost money after receiving inappropriate financial advice.
Shine Lawyers class actions solicitor Sasha Ivantsoff said the firm had been contacted by more than a dozen NAB Wealth customers after it was revealed the bank had paid millions of dollars to more than 750 customers who had received bad advice.
In a statement released by NAB, the bank confirmed that it had paid between $10 million and $15 million in compensation to customers since 2009.
“While NAB has taken steps to address the concerns of its customers, we are working to ensure the appropriateness of the compensation that has been offered,” Mr Ivantsoff said.
“Some of these customers now face debts of hundreds of thousands of dollars because of advice that was completely inappropriate for their circumstances,” he said.
“It’s essential that NAB customers receive the compensation they need to rebuild their lives.”
Shine Lawyers has urged NAB to follow in the footsteps of the Commonwealth Bank of Australia (CBA) in developing a remediation scheme that ensures the transparent and consistent handling of customer complaints. This includes establishing a panel of independent customer advocates to review its compensation activities.
“Transparency is vitally important at this time and we encourage NAB to develop a program that ensures that all customers’ claims are fairly and consistently evaluated and compensated,” Mr Ivantsoff said.
“At a time when trust in the financial services industry couldn’t be lower, a panel of qualified independent customer advocates will ensure greater public confidence in the remediation program.”
Written by Shine Lawyers on . Last modified: February 26, 2015.