BT Financial Group has responded to an Australian Securities and Investments Commission statement yesterday which revealed the Westpac-owned group had refunded a number of wrap customers for over-charging.
The ASIC communication said that BTFG had discovered “some of its platform customers have been paying adviser fees in excess of disclosed percentage ranges” and will refund the relevant consumers.
A spokesperson for BTFG told ifa that the ASIC statement was responding to a voluntary review of its adviser fee arrangements and that the company had proactively self-reported the case to the regulator.
“We are making remediation payments and our overall review is 80 per cent complete,” the spokesperson said.
“The fees are third party adviser fees. BT Financial Group receives no revenue from these fees. The review impacts less than 2 per cent of all accounts in Wrap and SuperWrap. It does not extend to other products such as BT Super for Life, BT Employer Super or Asgard.
“There have been no complaints received by investors or advisers."
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