Macquarie will refund more than 2,000 users of its Macquarie Wrap platform, at a total cost to the bank of $5.5 million.
According to ASIC – which says it has been “working with Macquarie to resolve the matter” – around 2,300 clients were affected by system errors including being charged “administration fees which exceeded the maximum disclosed in the product offering documents”.
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."
When financial failures occur and accountability can’t be pinpointed clearly, often it is the adviser that gets ...
When dealing with high-risk investment portfolios and platforms, it is important advisers manage expectations even when ...
Orbis Investments has added a new marketing head to extend its reach to advised retail investors as part of its “next ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin