The bank, which along with a number of its peers has been hit by compliance and customer service failings, said the measures will help restore client trust.

MLC Wealth, which is part of National Australia Bank, has cut administration fees on a range of retail and other retirement plans by up to 50 per cent. The move comes at a time when Australia’s banks and financial services firms are battling to win back trust after a run of damaging scandals.

With effect from 4 February, the administration fees for MLC’s retail Wrap Series 2 platforms will be halved to 0.15 per cent per annum on the balance between A$200,000 ($143,266) and A$500,000. Administration fees for the balance above A$500,000 will be cut by 40 per cent to 0.03 per cent per annum.

“We want to lead the industry in winning back trust, and these pricing changes are an important step in showing our clients and their advisers that we have listened to them, and we are changing,” Geoff Lloyd, MLC Wealth CEO,” he said.

NAB, along with a number of prominent Australian financial institutions, has suffered from a number of compliance and customer service shortcomings during a wealth sector investigation by the Royal Commission. The public inquiry heard that NAB's wealth management arm had charged hundreds of thousands of retirees for financial advice they never received. The banks, including NAB, have now set aside hundreds of millions of dollars for refunds, legal costs and compliance charges arising from the inquiry.

NAB said that its new pricing changes will mean, for example, that clients with up to four family members will be treated as one group, and annual administration fees will be capped at a maximum of $3,600 per superannuation family group and $3,000 per investment group.

Among recent changes, NAB Financial Planning and NAB Direct Advice last September announced they would no longer accept grandfathered commissions from NAB Wealth superannuation and investment product providers.