NAB Wealth establishes independent Customer Advocate
(22 May 2014 – Australia) National Australia Bank (NAB) has appointed an independent Customer Advocate, professor Dimity Kingsford Smith, professor of law from the University of New South Wales will advocate for is wealth advice complaints process, effective 20 May.
The Customer Advocate role was established following NAB Wealth’s commitment to improve and build independence into its advice complaints process.
The Customer Advocate will have the authority to support customers through the resolution of a complaint.
If there is a disagreement as to a complaint outcome, the Customer Advocate can escalate the concern to the lead independent director of the NAB Wealth Boards, who also sits on the NAB Principal Board.
NAB chief executive Andrew Thorburn said: “The Customer Advocate is an independent voice for NAB Wealth customers.
“The Customer Advocate role has been designed to challenge us in a meaningful way, to hold us to account, and to support our customers through the resolution of complaints in our financial advice complaints process.
“This is a very important step in designing a robust complaints and review process so that we get this right for our customers the first time,” he said.
Prof Kingsford Smith said: “I am looking forward to a role where I am able to bring an independent voice to the fair and prompt resolution of disputes between NAB Wealth and its customers.
“As well as leading decision-making about specific claims, the independent Customer Advocate will establish general principles for the resolution of claims in future.
“I am encouraged by the discussions I have had with leaders at NAB that the bank is determined to do the right thing by its customers now and in the future.
“My primary work is as an independent university researcher, teacher and public commentator on the law and policy of Australian financial consumers.
“The NAB accepts that I will continue that work.
“I consider that is an additional guarantee of the independence of the Customer Advocate’s office and the determination of the NAB to treat its customers fairly.”
The role and scope has been verified by independent third party and specialist in governance and role independence activities Cameron Ralph.
The review led by Cameron Ralph was to ensure no conflicts of interest affected the construction and design of the role, and to ensure that the customer’s perspective is central in establishing the effectiveness and independence of the role.
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