Macquarie has issued a statement clarifying that ASIC became aware of system errors affecting users of its wrap platform only after the bank brought the matter to its attention.
Yesterday, ASIC announced that Macquarie will refund approximately 2,300 clients a total of $5.5 million after a number of system errors occurring between 2001 and 2014 were picked up.
A Macquarie spokesperson told ifa two errors were flagged internally and referred to the regulator before Deloitte picked up a third error.
“Macquarie identified an error affecting approximately 1 per cent of open Wrap accounts and a similar number of closed accounts which it self-reported to ASIC,” the spokesperson said.
“The matter has been reviewed thoroughly and Macquarie is now working with accounting firm Deloitte which has assessed our process for reimbursing funds, including interest, to affected clients and has been engaged to review our amended controls.
“We are working with these clients to reimburse funds,” the spokesperson said.
The costs to merge could see smaller superannuation funds “wipe out their whol...
Specialist insurance company PPS Mutual has recruited a former Zurich regional s...
Close to four in 10 (38 per cent) Australians did not have an emergency fund bef...
Get the latest news! Subscribe to the ifa bulletin
Copyright © 2020 Independent Financial Adviser
Get notifications in real time and stay up to date with content that matters to you.
