Westpac Banking Corp
(ASX:WBC) Westpac Bank’s wealth arm BT Financial Group will compensate more than two thousand clients who were overcharged advice fees over the last decade, according to media reports.
The group has reportedly already refunded most clients at a cost of $2.3 million.
More than 20 per cent of the accounts of the bank's financial planner network and aligned dealer groups are still to be reviewed, meaning more customers may eligible for compensation.
The news comes after Suncorp Group Limited
(ASX:SUN) last week agreed to compensate customers ASIC found over 849,000 customers were affected by reported breaches, requiring refunds of approximately $23 million.
Westpac Bank generated a net profit of $3.3 billion in the first half of fiscal 2013.
