National Australia Bank to refund customers $67 million for advice fees

Alice UribeFinancial Services Writer

Updated Jul 26, 2018 – 12.50pm, first published at 12.34pm

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National Australia Bank will refund $67 million to superannuation customers who were charged hundreds of dollars in annual fees since 2012 for financial advice services they did not know they could opt out of.

Following an ongoing Australian Securities and Investments Commission investigation, NAB said it would refund around 305,000 members and average of $220 for general financial advice fees associated with its MLC MasterKey Personal Super (MKPS).

Alice Uribe writes on Financial Services and Insurance