AMP's acting chief executive Mike Wilkins was forced to explain to the banking royal commission how the company charged customers hundreds of millions of dollars in fees for financial advice they never received, and why it is taking years to compensate them.

Earlier, National Australia Bank chairman Ken Henry admitted the bank spent about three years almost permanently in the "red" zone for potential compliance breaches in the period when fees for no service became apparent.

Read the blog to see how the day unfolded.