National Australia Bank is refunding about $67 million to superannuation customers it says it has let down by wrongly charging fees since 2012.
NAB says more than 300,000 customers of its MLC wealth management unit will be refunded an average of $220 each after they were charged for the opportunity to access a financial adviser irrespective of whether they used the service.
The fees were passed onto advisers even when they didn't provide any service for them, but MLC is refunding the amounts despite its superannuation trustee no longer holding the cash.
"Members regularly received the contact details of their financial adviser through communications such as their annual statements, but where we let our members down is that we did not clearly explain that they could elect to not have this service and they could turn off the fee," MLC Super chief executive Matthew Lawrance said in a statement.
NAB, which said it had already made provision for the financial hit, will stop levying the fee on September 30.
Customers of the equivalent business superannuation product will stop paying the fee on November 30.
MLC is set to appear at the next round of the financial services royal commission, which starts next week and will delve into the superannuation industry.
Commonwealth Bank and AMP have already been called out at the royal commission for charging fees for no service.
