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.
