National Australia Bank has returned nearly $35 million to 220,000 superannuation members charged for advice they did not get.
NAB incorrectly charged the corporate customers between September 2012 and October 2016, because of what the corporate regulator said were breakdowns in internal procedures.
NAB has also repaid a further $1.8 million to 10 members whose life insurance claims were incorrectly declined between May 2013 and July 2015.
The Australian Securities and Investments Commission said on Thursday it had imposed extra licence conditions on NAB superannuation trustee NULIS, one of which was an independent review of its compliance and risk management practices.
"Our intention with the proactive restructuring of our corporate super products and the upgrade of insurance products was to do the right thing by our customers," NAB acting wealth products manager Garry Mulcahy said.
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"However, we didn't execute the change well and we're sorry to those customers affected."
