Westpac Banking Corp
(ASX:WBC) wealth arm BT Financial says it won’t impose a new levy on customers to cover the costs of the Labor government's superannuation reforms, according to media reports.
A spokesman for BT told media the group was not considering a levy, despite saying the costs associated with the government reforms were significant.
MySuper, a key part of Labor's new superannuation reforms, requires all providers to replace default products with a low-cost alternative.
It’s been reported that MLC and AMP will advise clients of new annual fees on super accounts from today.
Westpac Bank generated a net profit of $3.3 billion in the first half of fiscal 2013.
