National Australia Bank is to start a large-scale financial advice remediation programme.

Melbourne-headquartered NAB will review the files of customers who may have received non-compliant advice since 2009 to determine whether they should be compensated.

NAB will provide affected customers with financial assistance to seek professional independent advice where appropriate, according to the Australian Securities and Investments Commmission.

ASIC has been working with NAB to develop its customer response initiative (CRI) for those affected by non-compliant advice. Following scrutiny by an external consultant, the CRI will relay its findings to the watchdog.

This comes as part of ASIC's Wealth Management Project, which was established in October last year to focus on the conduct of Australia's largest financial advice firms (NAB, Westpac, CBA, ANZ and AMP).

ASIC announced recently that CBA will be refunding clients around A$7.6 million ($5.54 million) for failing to apply fee waivers and other measures.