NAB group executive, legal and commercial services, Sharon Cook said: “We sincerely apologise to those customers who were impacted by this issue.

“To address this issue, NAB stopped charging ongoing service fees to customers of its former NAB Financial Planning business in 2019. In 2020, we established a remediation program which has to date paid approximately $31 million to more than 15,000 customers in order to make things right,” Ms Cook said.