Aug 20 (Reuters) - Australia's Westpac Banking Corp (WBC) said on Thursday it would not defend itself in civil proceedings launched by the corporate regulator over fees charged to more than 400 clients in a case stemming from an inquiry into the industry.
The Australian Securities and Investments Commission says the two bank units, BT Funds Management and Asgard Capital Management, had allegedly charged financial adviser fees of A$130,006 ($93,400) to 404 customers, the bank said.
Westpac said it had reported the issue in 2017, and has contacted and remediated affected customers. ($1=1.3920 Australian dollars)
News: WBC Australia's Westpac will not defend itself against regulator's action on fees
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