BT Financial Group has added further comment to its announcement yesterday that it would be removing grandfathered payments, clarifying that it believes the benefits of the change would be passed directly to consumers.
Responding to comments regarding the benefits for customers on Money Management’s coverage of the announcement yesterday, a BT spokesperson said that while the value of benefits would range, they would be seen by consumers.
“The benefits of this change will be passed directly to customers. For the more than 140,000 customer accounts, they will see the benefit in terms of lower fees or improved returns,” the spokesperson said.
“The refund will vary depending on various factors, such as the number of accounts they have, the type of product and the size of balance. The benefit to customers will range from $51 to around $1,000 at an account level.”
The change would see grandfathered payments attributable to BT products removed for customers of BT Financial Advice operating through Westpac, St George, Bank of Melbourne and BankSA networks.
