A technical error in 2010 may have resulted to the overcharging of certain clients of MLC, BusinessDay reports.

According to the news service, a technology glitch had resulted in MLC, the wealth management unit of National Australia Bank, incorrectly adjusting the number of shares in client's account following a consolidation in another client's portfolio. Since then, for six months, monthly fees had been based on the erroneously inflated portoflio numbers.

The client, who had declined to be named, reportedly said that 10,000 shares of Australand valued at A$0.47 each should have been converted to 2000 shares worth A$2.35 in May 2010. What happened was that MLC applied the consolidated price of A$2.35 to the incorrect amount of 10,000 shares until November. This led to an additional $50 in administration fees every month for six months.

The glitch is small, the client had said, but it may have affected more customers. This is the second major technology breakdown at NAB in five months, thus leading the company to open over 100 branches one weekend in April 2011 in an attempt to resolve the backlog. NAB says it is working to fix the issue and will send letters to affected customers and their advisors by Easter.

Earlier in April, MLC launched an EOFY adviser support centre to give advisers a single point of access to the resources they need to take advantage of EOFY client opportunities.

The support centre provides a comprehensive range of tools and resources available through a dedicated EOFY Website - accessed through mlc.com.au.