BTFG execs paid price for RC issues
Senior executives within Westpac’s wealth division, BT Financial Group have been made to pay a price for the failings identified during the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Westpac chief executive, Brian Hartzer told the Royal Commission today that he had been “disappointed” with the executives and measures had been put in place, including salary measures.
He said there had been remuneration consequences for those executives both last year and that “the consequences this year have been significant”.
In early testimony, Hartzer said Westpac had expected that grandfathered commissions would simply come to an end as advisers renewed their statements of advice.
Hartzer confirmed that the banking group had this year decided to switch off the grandfathered commissions where it contractually could.
However, he told counsel assisting the Commission, Michael Hodge QC, that the banking group had not acted sooner because of its expectation that grandfathered arrangements would expire over time.
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
