NAB will be contacting customers who may have received non-compliant advice since 2009, ASIC has said. The regulator said affected clients would have their files reviewed to determine if they should receive compensation.
"NAB will also provide affected customers with financial assistance to seek professional independent advice where appropriate," ASIC said in a release.
ASIC worked with the bank to develop their Financial Advice Customer Response Initiative, which is a large-scale review and remediation program for customers affected by non-compliant advice. The initiative will be subject to scrutiny by an external consultant, which will report to ASIC on its findings.
The regulator acknowledged NAB's cooperation in the matter.
A major bank is set to undertake a large scale financial advice remediation program that could see it paying compensation to consumers.