Dec 17 (Reuters) - National Australia Bank Ltd NAB.AX :
* REFERS TO ASIC PROCEEDINGS IN RELATION TO ONGOING FEE ARRANGEMENTS
* FROM FEBRUARY 2019 NAB FP BEGAN SWITCHING OFF FEES FOR ALL CLIENTS WITH ONGOING FEE ARRANGEMENTS
* "NAB FINANCIAL PLANNING HAS MADE CHANGES TO SYSTEMS AND CONTROLS"
* CHANGES TO SYSTEMS INCLUDE CENTRALISATION OF PRODUCTION OF FEE DISCLOSURE STATEMENTS
* FROM APRIL 2019, NAB BEGAN TRANSITIONING CLIENTS TO 12-MONTH ADVICE CONTRACTS & CEASED ENTERING INTO NEW ONGOING FEE ARRANGEMENTS
* CHANGES INCLUDE IMPROVED GUIDANCE & TRAINING TO EMPLOYEES RELATED TO ONGOING SERVICE ARRANGEMENTS & FEE DISCLOSURE STATEMENT REQUIREMENTS
* FROM FEB NAB FP DETERMINED TO REFUND ALL ONGOING FEES PAID BY CLIENTS AFTER 31 MAY 2018 UNTIL CLIENT ENTERED INTO NEW ADVICE ARRANGEMENT
* HAVE ACKNOWLEDGED FAILURES WHERE CUSTOMERS PAID FEES FOR SERVICES THEY DIDN'T RECEIVE & HAVE PAID $37.8 MILLION TO 27,500 NAB FP CLIENTS
* REMEDIATION IS EXPECTED TO BE COMPLETED BY JUNE 2020