(Adds background on Royal Commission inquiry, details on charges)
Oct 16 (Reuters) - National Australia Bank (NAB) (NAB) said on Tuesday it would incur after-tax costs of A$314 million ($223.91 million) in connection with its customer remediation programme after an inquiry into the Australian financial sector.
NAB said the additional charges were expected to continue into fiscal 2019 and were primarily related to refunds and compensation in its wealth business, along with costs for implementing remediation and associated regulatory compliance.
An ongoing independent inquiry into the financial sector has led to calls for tighter regulation and stiffer penalties.
The charge would reduce second-half cash earnings by about A$261 million, NAB said. The company is due to report full-year earnings on Nov. 1.
"We have made good progress in resolving a number of issues that impacted our customers and we want to compensate them as quickly as possible," NAB chief executive Andrew Thorburn said in a statement.
($1 = 1.4023 Australian dollars)
News: NAB UPDATE 1-National Australia Bank to incur $224 mln in customer remediation charges
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