| banks & financial institutions | wealth management | financial advisors | NAB compensation



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LAWYER HELPLINE: 1800 455 886

We only deal with losses incurred as a result of negligent financial advice given by banks, financial institutions, advisors and wealth management companies.

Thousands of National Australia Bank (NAB) Wealth customers have lost money after receiving inappropriate financial advice since 2009 for which NAB have compensated a small group of customers on a voluntary basis. In 2015 the Australian Securities and Investments Commission (ASIC) which is the corporate regulator in Australia announced that an agreement had been reached with NAB (formerly National Australia Bank) whereby the bank will contact all customers who may have received non-compliant financial advice since 2009 to investigate the possibility of payment of compensation for inappropriate or negligent financial advice that resulted in losses for their customer. If you settle your claim without investigation by NAB compensation solicitors there will be no prospect of asking NAB to re-open any investigation to facilitate enquiries and subsequent further payment. You should therefore, at an early stage, instruct NAB compensation solicitors to investigate and advise as soon as possible after notification by NAB of any potential settlement.

NAB are referring to this process as a 'look back' at their customer accounts to identify those customers who may have a potential damages claim. For those identified in this bank process, files will be investigated and reviewed with the intention of offering compensation. In addition, NAB will offer their customers up to $5,000 plus GST to obtain professional advice where it is appropriate. If you have suffered losses due to inappropriate advice from NAB or its subsidiaries you should take legal advice from a NAB compensation solicitor on any offer that the bank may make as a result of its 'look back'. In most cases the bank appears to be willing to pay the costs of any professional investigation into their offer. This process not only applies to NAB but also to its subsidiaries which include:

  • MLC
  • NAB
  • JBWere
  • JANA
  • Plum
  • Apogee
  • Godfrey Pembroke (Financial Advice Specialists)
  • Garvan Financial Planning
  • Meritum

NAB Compensation Solicitors

If you have been offered financial compensation by NAB you should consider taking independent legal advice to establish whether not the offer is fair and reasonable compensation for any losses that you may have sustained. Our NAB compensation solicitors will consider your case in detail and may take independent financial advice from forensic accountants as to the viability of any such offer. You should bear in mind that NAB have already indicated that they will foot the bill for $5,000 plus GST to facilitate early investigation of your losses. We offer free initial advice with no further obligation if you decide not to proceed further with your enquiries.

Professional Negligence Overview

The work carried out by a professional negligence lawyer involves claiming compensation for negligent advice or for unsatisfactory work carried out by professionally qualified people including banks and financial advisors. A solicitors professional negligence claim often involves complex financial and legal issues which results in the defendant or their insurers instructing professional negligence lawyers of the highest calibre to defend any compensation claim that may be intimated against them. Banks are never going to be a pushover when it comes to legal proceedings for professional negligence. They are usually run by intelligent, educated and articulate people and its definitely to your advantage to be represented by an expert lawyer, well versed in dealing with defended professional negligence claims when coming up against a negligent financial advisor or bank or financial institution.

We only deal with losses incurred as a result of negligent financial advice given by banks, financial institutions, advisors and wealth management companies.

HELPLINE: 1800 455 886


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