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NAB remediation scheme must work to restore trust

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Slater and Gordon has welcomed a recent announcement by the National Australia Bank that it would implement a remediation program for customers who were the victims of inappropriate financial advice.

Slater and Gordon has been investigating claims on behalf of NAB and NAB Wealth clients who have suffered losses as a result of financial and investment advice received from the bank.

Senior commercial litigation lawyer Mark Walter said while the move was welcome, the onus was on the NAB to ensure the scheme was fair and equitable and worked to restore the trust its customers had lost.

“These are Australian mums and dads who trusted NAB and expected the bank would not only look after their money, but would also look after them.

Mr Walter said while the detail had not yet been provided, he was pleased NAB had committed to ensuring that affected customers would be supported to seek independent advice where appropriate.

“It’s important for the integrity of the scheme – and for those like it - that NAB customers are entitled to seek independent advice.

“Customers have the right to be confident that the review process, and any redress, is fair and equitable,”

Mr Walter said Australians had been continually let down by the big banks and financial advisors who they had trusted to do the best by them and their future. “That’s why tighter regulations, such as those proposed by the Government in response to the Murray Report, are equally important.

“Consumers have a right to have confidence going forward that financial advice they receive will be in their best interests, and their affairs will be properly managed,” he said.