Investor alert: NAB Wealth to refund investors after payment errors

A system error contributed to a series of incorrect investment income payments to NAB Wealth investors between 2006 and 2012.

After paying $1.9 million in compensation to around 43,000 customers in 2012, NAB Wealth has identified that further refunds are required to adequately compensate impacted customers.

NAB Wealth has also appointed PricewaterhouseCoopers to review the matter, at the request of the Australian Securities and Investment Commission (ASIC). The firm will look into the compensation already paid, NAB Wealth’s operating systems and the company’s breach identification and management processes.

The superannuation funds affected by the errors are MLC Superannuation Fund, DPM Retirement Service and Premium Choice Retirement Service. Investor directed portfolio services MLC Navigation Investment Plan, DPM Investment Service and PremiumChoice Investment Service were also affected.

ASIC has told NAB Wealth customers that they do not need to lodge claims for compensation as affected customers have already been or will be identified and offered compensation.