BT Financial Group will refund some of its BT Wrap and BT SuperWrap customers after it was discovered they had been paying adviser fees above that of disclosed percentage ranges.
The problem was identified by BT, which reported it initially to the Australian Securities and Investments Commission (ASIC) while also keeping the regulator informed of its subsequent actions.
According to ASIC, there was uncertainty around whether the percentage ranges disclosed represented the maximum adviser fees that could have been charged, causing BT to undertake a review to identify which customers were impacted and to ensure they received compensation if necessary.
BT has been in contact with affected customers since May and its review and remediation process is continuing at present, with any affected customers due to be advised of any compensation by August 2013.
ASIC stated that BT has issued revised disclosure and strengthened its operational controls to head off similar events and acknowledged BT's cooperative approach in the matter.
