Following a string of customer complaints against NAB’s financial planners, on 21 October, 2015, the corporate regulator ASIC announced that an agreement had been reached with NAB (formerly National Australia Bank) whereby the bank will be contacting customers who may have received non-compliant financial advice since 2009.
What is the NAB Financial Advice Remediation program?
NAB has begun what they refer to as a "look back" process intended to identify customers who were negatively affected by advice given. Clients identified by this process will have their files reviewed to determine if compensation should be paid.
NAB will also provide affected customers with financial assistance up to $5,000 plus GST to seek professional independent advice where appropriate.
Have you been affected by bad advice from NAB financial planners?
If you are a current or former client of NAB in any state or territory of Australia, who received what you believe to be poor financial advice from a planner, and are unhappy with the performance of your investments, you should seek independent legal advice.
You may have a claim even if you did not receive advice directly from NAB, if you were advised by one of its subsidiaries, being:
- Godfrey Pembroke (Financial Advice Specialists)
- Garvan Financial Planning
For legal advice regarding this matter contact Maurice Blackburn.
Get independent advice before accepting any offer
If you have been offered financial compensation by NAB, It is worth getting independent legal advice before accepting. When offers of financial compensation are made, it can be tempting to take the first offer and put the experience behind you. In general however, the first offer is almost never the best one, and some cases have seen up to seven reviews before settling on a final – and significantly higher - offer of compensation.
That's where Maurice Blackburn's financial experts can help you. Contact us today.