Becoming So Frequent, They're NOT Market Price...

Becoming So Frequent, They're NOT Market Price Sensitive!

ASX
Release
20 AUGUST 2020
WESTPAC ACKNOWLEDGES PROCEEDINGS COMMENCED BY ASIC
Westpac Group acknowledges the commencement of civil proceedings by the
Australian Securities and Investments Commission (ASIC) against two entities in the
Group, BT Funds Management Limited (BTFM) and Asgard Capital Management
Limited (ACML), in relation to an issue that was a case study at the Financial
Services Royal Commission.
The allegations concern the inadvertent charging of financial adviser fees to 404
customers totaling $130,006 after a request had been made to remove the financial
adviser from the customers’ accounts.
The issue was self-reported to ASIC in July 2017 and customers have been
contacted and remediated.
ASIC alleges that the account statements provided to those customers were
misleading and that BTFM and ACML failed to ensure services were provided in
accordance with their license obligations.
BTFM and ACML accept the allegations made and do not intend to defend the
proceedings. BTFM and ACML will make submissions on the appropriate penalty in
due course.
BTFM and ACML apologise that these errors occurred and will work with ASIC to
resolve the proceedings as quickly as possible.
For further information:
Lisa Parrett Andrew Bowden
Senior Manager Media Relations Head of Investor Relations
0432 933 796 0438 284 863
This document has been authorised for release by Tim Hartin, General Manager & Company