NAB pays back fees

NATIONAL Australia Bank is refunding about $67 million to superannuation customers after admitting it had wrongly charged fees since 2012.

NAB said more than 300,000 customers of its MLC wealth management unit would be refunded an average $220 after they were charged for the opportunity to access a financial adviser irrespective of whether they used the service.

“We did not clearly explain that they could elect to not have this service and they could turn off the fee,” MLC Super chief executive Matthew Lawrance said in a statement.