Westpac subsidiary BT Funds Management penalised $20 million for incorrectly charging commissions for insurance in superannuation
The Federal Court has today ordered Westpac subsidiary and superannuation trustee, BT Funds Management Limited (BT Funds), pay a $20 million penalty for incorrectly charging commission payments to members of one of its superannuation funds. The Court found BT Funds had charged superannuation members insurance premiums that included commission payments, despite the banning of these …
