NAB’s Customer Advice Review

About our Customer Advice Review

NAB’s Customer Advice Review is one of three Wealth Remediation programs managed by NAB. The review has been established to assess the appropriateness of financial advice provided by advisers who operated under a NAB Group licensee between 1 January 2009 and 31 December 2015 (‘review period’). 

The program aims to:

• assess the appropriateness of the financial advice provided
  
• identify any issues which may have resulted in a financial loss for customers
• compensate customers where required.

The financial advice areas covered in our review include:

• direct equities 
• investments
• insurance
• superannuation
• asset allocation. 

The review of ongoing Adviser Service Fees is managed separately by NAB’s Adviser Service Fee program.

If you’ve been affected by a NAB personal or business banking mistake, please visit Customer remediation.

Why we’re contacting our customers

You expect the best from us, and you should. We’re sorry if you’ve been affected by financial advice that did not align with your goals, needs and objectives at the time.

Where we’ve made mistakes, we’re working hard to put things right for our customers. This can mean providing compensation to customers where we know we’ve not delivered our best and a financial loss has resulted. 

We’re contacting customers who received financial advice between 1 January 2009 and 31 December 2015 from advisers operating under one of the NAB Group Licensees. This means NAB was responsible for ensuring these advice services were provided appropriately. 

Even if your adviser had a different business name, their business held an authority to operate under an Australian Financial Services License (AFSL) held by a NAB Group Licensee. The NAB Group Licensees which held an AFSL under which financial advisers operated include JBWere Ltd, and up until 31 May 2021: 

• GWM Adviser Services Pty Ltd (formerly GWM Adviser Services Limited) which operated the brands MLC Financial Planning, Advantedge Financial Solutions, MLC Advice and Garvan Financial Planning
• Apogee Financial Planning Pty Ltd (formerly Apogee Financial Planning Limited)
• GPL (VIC) Pty Ltd (formerly known as GPL (VIC) Limited and Godfrey Pembroke Limited)
• Meritum Financial Group Pty Ltd
• National Australia Bank Ltd (which operated NAB Financial Planning).

What happens if you’re owed compensation

If we owe you a compensation payment, our NAB Wealth Remediation Support Centre team will contact you by mail, email, SMS or phone. We’ll also contact you if we need any more information from you about the advice you received from your financial adviser to help us complete our review. If you held any third-party financial products which were recommended to you by your adviser, we may be able to collect this information from the product provider on your behalf, with your consent.

How you’ll receive compensation

If our review determines that you’re owed compensation, there are two ways you may receive it: 

1. Customers with an eligible NAB account

If you have an eligible NAB account in your name, we may be able to process any compensation payment directly into your account. You will simply receive a letter which explains the details of our review and the compensation amount payable.

2. Customers without an eligible NAB account

If the affected NAB account is closed or you don’t have an eligible NAB account, you will be asked to complete and return a Payment Instruction Form.

You’ll need to provide the reference number on the letter or email you received, and your date of birth. You will then be prompted to provide your bank details.

If you call us on 1800 093 038 to provide your bank details, you’ll then be asked to confirm your identity by providing some personal details including your full name, residential address, email and phone number. In some cases, the compensation payment may need to be paid into your superannuation account.

What happens if your compensation offer remains unclaimed

If we don’t hear from you, we may transfer your compensation payment to:

• your current NAB bank account where we have your current account details on file; or
• the State Revenue Office Victoria (Unclaimed Monies) for collection at your convenience. You can claim at the State Revenue Office Victoria, opens in new window.

How we’re keeping you safe

If we ask you to verify your identity over the phone, it will be to confirm that we are talking to the right person. We will never ask for your credit card number, PIN or NAB Identification Number (NIN). NAB will never send you an email or an SMS asking you to verify your identity by clicking on a link. If you receive a suspicious message, do not click on any links or attachments. You can learn more about protecting your accounts at Security at NAB.

Need more help?

If you’re a current or former NAB customer affected by one of NAB’s remediation programs and you’re not satisfied with the outcome after speaking with us, you can contact the Australian Financial Complaints Authority (AFCA), opens in new window on 1800 931 678 or by email.

We recommend contacting AFCA within six months from the date at the top of your letter, as time limits might apply. You can find out more about time limits by visiting the AFCA website.

How to contact us

If you have any concerns about the financial advice you received from an adviser who operated under a NAB Group licensee after 2009, we would like to hear from you.

Please contact us on 1800 093 038 to speak with a member of our Customer Advice Review team.

Alternatively, if you are contacted by our team, please provide any information you have which may assist us with our review.