NAB Wealth to refund customers after systems error
NAB Wealth will refund customers after it found some of its customers had received incorrect compensation after an investment income error on its Navigator platform.
The errors first occurred between 2006 and 2012, and NAB Wealth handed out $1.9 million in compensation to around 43,000 customers in 2012.
NAB Wealth found it needed to pay almost $200,000 of further compensation after carrying out a review.
NAB Wealth appointed Pricewaterhouse Coopers (PwC) following the Australian Securities and Investments Commission's (ASIC's) request for a review of the error.
PwC will review the adequacy of the compensation amount; the process applied to identify affected customers; NAB Wealth's operating system and its ability to accurately allocate incomes to customers; and its breach identification, reporting and management processes.
"These issues are largely around processes, systems and controls. We know there are improvements that need to be made and we have already started to make the necessary changes," NAB Wealth group executive Andrew Hagger said.
"We are working with PwC to provide an independent view on these changes to ensure best practice solutions are being implemented."
ASIC said affected customers do not need to lodge a claim as they have been or will be automatically identified and compensated.
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