Westpac rolls over on ASIC charges against BTFM and Asgard
Westpac has declared it will not be defending action mounted by the Australian Securities and Investments Commission (ASIC) over fee for no service relating to BT Funds Management and Asgard.
The company announced to the Australian Securities Exchange (ASX) that it would not be defending the charges.
It said that BT Funds Management and Asgard accepted the allegations made and did not intend to defend the proceedings.
“BTFM and ACML apologise that these errors occurred and will work with ASIC to resolve the proceedings as quickly as possible,” it said.
The Westpac announcement came barely an hour after ASIC announced it was pursuing the charges against BT Funds Management and Asgard together with Stateplus Super.
The ASIC action evolved out of a Royal Commission case study.
Recommended for you
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
Estimates for the calendar year 2024 put the advice industry on track for a loss in adviser numbers as exits offset gains from new entrants.
Adviser Ratings shares five ways that financial advice changed in 2024 with an optimistic outlook for 2025, thanks to the Delivering Better Financial Outcomes legislation.
National advice firm Invest Blue has announced several acquisitions, including the purchase of an estate planning and wealth protection business Lambert Group.
