NAB sets aside extra $1.2bn to compensate victims of bad financial advice

Bank tells stock exchange that total funds allocated for remediation now amount to more than $2bn after costs balloon

NAB says it will set aside an additional $1.2bn to compensate victims of shoddy financial advice provided by planners linked to the bank and people to whom it sold junk insurance.

The new costs, announced to the stock exchange on Wednesday, bring NAB’s total provisions for remediation to more than $2bn and will increase the pressure on other banks to step up their programs.

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from World news | The Guardian https://ift.tt/2nuP97d