Westpac to remove 'Grandfathered' payments from BT

Company News

by Rachael Jones

Westpac (ASX:WBC) is to remove Grandfathered payments from its wealth management arm.

BT financial Advice would cease making ‘grandfathered payments’ to its financial products.

They are working towards this coming into effect from October this year.

BT will honour its contractual obligations to external financial advisers who are currently receiving grandfathered payments in respect of a BT financial product.

More than 140 thousand customer accounts will benefit from these changes to their BT superannuation, investment, insurance and platform products.

Shares in Westpac (ASX:WBC) are trading 1.96 per cent higher at $28.55

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.