ASIC has been working with NAB to develop its customer response initiative (CRI) for those affected by non-compliant advice. Following scrutiny by an external consultant, the CRI will relay its findings to the watchdog.

This comes as part of ASIC's Wealth Management Project, which was established in October last year to focus on the conduct of Australia's largest financial advice firms (NAB, Westpac, CBA, ANZ and AMP).

Earlier this week, ASIC announced CBA will be refunding clients around A$7.6 million ($5.54 million) for failing to apply fee waivers and other measures.