National Australia Bank has begun writing to customers who may have lost money due to poor financial advice, eight months after vowing to speed up its response to the scandal.
The bank also said it has paid $1.7 million in compensation to 87 customers since February, on top of the $15 million paid out to 750 customers over the preceding five years.
NAB launched an overhaul of its complaints process for victims of dodgy financial advice in February after admitting to instances of poor practices in its wealth division.
Other cases of bad advice had already been uncovered in Commonwealth Bank and Macquarie Group.
NAB has been examining its advice business and is now writing to customers who may have suffered financial losses as far back as 2009, it said on Wednesday.
"It's important for our customers that we undertake this review in a thorough manner, and we will," NAB Wealth group executive Andrew Hagger said.
"Where customers have suffered loss due to inappropriate advice, we will compensate them for that loss."
Customers will be contacted as the gradual review of advice files progresses, NAB said.
CBA has so far paid out $52 million in compensation to victims of bad financial advice, while Macquarie Group has paid $11 million.
The federal government this week said it will legislate new requirements for financial planners, including the need to hold a degree, pass an exam, undertake continuous professional development, and subscribe to a code of ethics.
