BTFG execs paid price for RC issues

bt-financial-group/BTFG/Royal-Commission/RC/westpac/Brian-Hartzer/remuneration/executives/grandfathered-commissions/SOA/statements-of-advice/banks/Michael-Hodge/

21 November 2018
| By Mike |
image
image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

3 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

3 months 1 week ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

5 months 1 week ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

3 weeks 4 days ago

A former Victorian financial adviser has been sentenced after stealing $4.4 million from clients, family and friends to feed his “raging gambling addiction”....

3 weeks 2 days ago

A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rule...

2 weeks 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
93.34 3 y p.a(%)
2
5
Plato Global Alpha A
28.83 3 y p.a(%)