NAB Wealth announces that it still has to refund some clients affected by the Navigator platform recording error -- and will do so immediately.

NAB Wealth, the investment and private wealth arm of National Australia Bank, has announced that it is issuing refunds to clients who have been affected by an error at its Navigator platform.

The investment income error, which involved some Navigator customers being incorrectly compensated, was first discovered in December 2012, after which the company self-reported to the Australian Securities and Investments Commission. At the same time, NAB Wealth had asked PricewaterhouseCoopers to perform an independent review of the problem and had paid out A$1.9 million ($1.8 million) to 43,000 customers. 

In a statement, the firm said that the latest review identified a small amount of additional compensation required, or around A$200,000, and that all affected clients will be refunded as soon as possible. The company has also taken steps to further view and enhance the Navigator platform to prevent future errors in investment income allocation. 

"These issues are largely around processes, systems and controls. We know there are improvements to be made and we have started to make the necessary changes. We have proactively engaged ASIC on the issues and are working with PwC to provide an independent review on these changes," said Andrew Hagger, group executive for NAB Wealth.  

The Navigator platform operates investor directed portfolio services and superannuation funds that link a number of investments held by customers and provide consolidated custody, administration and reporting to clients. The affected super funds are MLC Superannuation Fund, DPM Retirement Service and Premium Choice Retirement Service. The investor director services affected are MLC Navigator Investment Plan, DPM Investment Service and PremiumChoice Investment Services.