Australia's NAB to refund 62,000 wealth management clients

National Australia Bank will refund A$25 million ($18.38 million) to around 62,000 wealth management clients who were wrongly compensated, capital markets regulator said on Friday. The NAB compensation follows an independent review by PricewaterhouseCoopers at the request of the Australian Securities & Investments Commission. ASIC is cracking down on financial…