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Court finds Tidswell acted dishonestly
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BT, Asgard cop fee-for-no-service fines
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Westpac chided for âdefective systemsâ in fee blunder
Jul 26, 2021 â 12.24pm
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Westpacâs superannuation subsidiaries BT Funds Management and Asgard Capital Management have been fined a total of $3 million over a fee-for-no-service breach that was probed during the banking royal commission.
Westpac self-reported the matter to ASIC in 2017 and remediated affected customers.Â
Jessica Hromas
The Australian Securities and Investments Commission said on Monday that BT and Asgard would pay $1.5 million each for charging customers while providing no service and for making âmisleadingâ statements.
ASIC sued the companies in the Federal Court in August and Justice Michael Wheelahan has ordered the duo to publish adverse statements on their websites after finding the group dudded 404 customers.
BT and Asgard hit with $3 million penalty by Federal Court
BT and Asgard hit with $3 million penalty by Federal Court
The Federal Court has issued BT and Asgard penalties of $1.5 million each for charging fees for no service and making misleading statements.
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ASIC confirmed on Monday that 404 customers were affected by the wealth giants’ conduct between September 2014 and August 2017.
The Court found that during that time both companies:
Made false or misleading representations to customers in customer account statements that no deductions of ongoing adviser fees were being made from customers’ accounts after those customers requested to remove their financial advisers from their accounts.