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Gagging orders imposed by the National Australia Bank on victims of financial planning scandals could be lifted soon, it has emerged.

A Senate inquiry on Tuesday heard that around 750 people who reached legal settlements with the bank over the past five years, but signed confidentiality clauses, could see those restrictions lifted.

“It’s one of the issues that we’re revisiting at the moment,” said Andrew Hagger, the group executive of NAB Wealth.

The independent senator Nick Xenophon said the gag clauses were “repugnant”, adding that they prevented people from warning people against particular services.

He asked NAB’s chief executive, Andrew Thorburn, to declare that the gags would be lifted as a matter of principle.

Thorburn replied: “Yes, in principle.”

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Gagging orders imposed by the National Australia Bank on victims of financial planning scandals could be lifted soon, it has emerged. A Senate inquiry on...