Westpac fundies cop $3m penalty over fees for no service
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The Federal Court has imposed civil penalties totalling $3 million against two Westpac investment businesses, for charging fees for no service and making misleading statements.
BT Funds Management and Asgard Capital Management have each received a $1.5 million fine and have been ordered to publish an adverse publicity order detailing their misconduct and court outcomes on their websites.
The court found that between September 2014 and August 2017, a total of 404 customers were harmed by BT and Asgard’s conduct.
On at least 487 occasions, BT and Asgard were found to have contravened the