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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.

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."