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
TAL has introduced four new courses to its Risk Academy focused on ethical dilemmas as part of Ethics Month to help advisers meet their CPD requirements.
Unadvised Australians believe they need $2 million to retire comfortably, according to Colonial First State, a wide variance compared to advised individuals which estimate $1.3 million.
Financial advisers can now access Vanguard’s diversified managed account strategies on HUB24 and Netwealth, marking a “significant expansion” through new distribution channels.
The heads of two financial advice licensees have joined the board of the Financial Services Council as it looks to deepen its engagement with the space and strengthen its representation.