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NAB sets aside extra $1.2 billion to compensate customers

National Australia Bank will set aside an extra $1.18 billion to compensate customers after years of misconduct.

Customers charged for financial advice that was not delivered and for junk insurance will be compensated as a result of the royal commission.

The new costs bring NAB’s total costs for remediation to more than $2bn.

Shaw and Partner banking analyst Brett Le Mesurier tells Ross Greenwood he thinks the scandals from the royal commission be over.

“I think the bulk of it should be behind them this year.

“I think when we get into the 2020 financial year the amounts of client remediation will subside significantly.”

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