NAB’s Remediation Costs Top $2 Billion

NAB has announced a further $1.2 billion in remediation expenses – mostly relating to financial advice in an update this morning that has already seem the banks share price tumble 3%. The additional expense means that NAB’s cumulative provisions for customer remediation were now worth $2.09 billion at September 30. The increase supports predictions that the total cost resulting from misconduct for the big banks and AMP for both remediation and increased spending on risk and compliance could top $10 billion.