Macquarie Wrap users to be refunded
Macquarie will refund more than 2,000 users of its Macquarie Wrap platform, at a total cost to the bank of $5.5 million.
Acting as an independent third-party consultant to Macquarie, Deloitte identified a number of system errors that occurred between 2001 and 2014 on a number of products using the Macquarie Wrap Platform, ASIC said.
"We welcome the reporting of large system errors to ASIC. Where errors do occur, entities must identify and appropriately rectify them as soon as possible," said ASIC commissioner Greg Tanzer.
"ASIC will work with entities who report issues to us to ensure consumers are compensated in a timely, effective way."