National Australia Bank's wealth management business (NAB Wealth) has announced the resolution of its compensation program due to issues with its Navigator Wrap platform, with $25 million in compensation to be paid to approximately 62,000 customers. The issues relate to tax estimation and income estimation errors on its Navigator Wrap platform.
Following ASIC's request, NAB Wealth appointed PriceWaterhouse Coopers to independently review the payout process, systems integrity and breach reporting and governance (refer: 14-093MR).
Commissioner Greg Tanzer said, 'ASIC expects banks to vigilantly monitor their platforms for issues such as this. Any issues identified should be swiftly and pro-actively reported to ASIC, with a view to promptly compensating customers.'
ASIC acknowledges NAB Wealth's cooperation in this matter.
ASIC is focusing on customer compensation due to system errors, as indicated by the following recent successful client refund outcomes in this space:
- Macquarie Investment Management to refund clients after review of system errors. (refer: 15-150MR)
- BT to refund customers after review of fees disclosed and charged. (refer: 13-159MR)
- BoQ to refund customers after system error. (refer: 13-070MR)
- ASIC works with the Rock Building Society to correct charging errors. (refer: 10-267AD)