www.asgard.com.au Open in urlscan Pro
203.19.168.96  Public Scan

Form analysis
0 forms found in the DOM

Text Content

We use cookies to secure and tailor your web use. Our notice explains how we use
cookies and how you can manage them. By continuing to use this site we assume
you are ok with our notice.


ASGARD


ADVICE.  SOLUTIONS.  CONFIDENCE.


 * About Asgard
   * About Westpac
   * Careers
   * Contact us
   * Media centre
   * Open Banking
 * For Investors
   * Investor Online
   * Annual Member Outcomes Assessments
   * Asgard Lifestage performance update
   * Annual Members' Meeting
   * Sustainable investing
   * Calculators
   * Education
   * Keeping you informed
   * My Wellbeing
   * End of financial year
   * Why choose Asgard?
   * Find an adviser
 * For Employers
   * QuickSuper
   * SuperStream
   * Alternative payment methods
   * Modern Awards
 * For Advisers
   * The Asgard platform
   * AdviserNET
   * Dealer services
 * Products & Services
   * Asgard Open eWRAP
   * Infinity eWRAP
   * eWRAP
   * Asgard Investment & Super/Pension
   * Elements
   * Asgard Employee Super
     
   * eCASH and CASH Connect
   * Investment updates
   * Investment risk profile
   * My Wellbeing
   * Superannuation threshold factsheet

You are in: Home /


ASGARD SUPERANNUATION & INVESTMENTS


SINCE 1985, ASGARD HAS BEEN WORKING BEHIND THE SCENES WITH FINANCIAL ADVISERS TO
CREATE PRODUCTS AND SERVICES THAT HELP YOU REACH YOUR FINANCIAL GOALS.

At Asgard, we work with you and your financial adviser to make it easy to
achieve the financial future you want. We believe the best way to achieve your
financial goals is to seek financial advice – that’s why all our products are
available only through your financial adviser. If you don’t have an adviser, we
can help you find one.


 * NOTICE ORDERED BY THE FEDERAL COURT IN A PROCEEDING ISSUED BY ASIC AGAINST BT
   AND ASGARD CONCERNING IDPS AND SUPERANNUATION PRODUCTS
   
   Adverse Publicity Notice ordered by the Federal Court of Australia
   
   BT and Asgard's conduct in making misleading representations to customers
   that adviser fees were no longer being charged, when those fees continued to
   be deducted from customers’ accounts.
   
   On 23 July 2021 Justice Wheelahan of the Federal Court of Australia (in
   proceeding VID 552 of 2020) ordered BT Funds Management Limited (BT) and
   Asgard Capital Management Limited (Asgard) to pay pecuniary penalties of
   $1.5M each to the Commonwealth for conduct in relation to five affected
   products (Asgard Infinity eWRAP Pension Account, Asgard Infinity eWRAP Super
   Account, Asgard Rollover Service, Asgard Superannuation Account and Asgard
   Employee Superannuation Account) between September 2014 and August 2017.
   
   The court ordered BT and Asgard each to pay a pecuniary penalty because they
   were found to have, on at least 487 occasions, between September 2014 and
   August 2017: (a) made false or misleading representations to customers in
   customer account statements to the effect that no deductions of ongoing
   adviser fees were being made from customers’ accounts after those customers
   requested to remove their financial advisers from their accounts; and (b)
   engaged in misleading or deceptive conduct by providing customers with
   account statements which did not show that BT and Asgard were continuing to
   deduct an ongoing adviser fee from customers’ accounts after those customers
   requested to remove their financial advisers from their accounts.
   
   The court also made declarations that Asgard breached its obligation to do
   all things necessary to ensure the financial services covered by its
   financial services licence, were provided efficiently, honestly and fairly,
   because Asgard: (a) put in place ineffective processes and systems to cease
   charging adviser fees, in that the administrative steps to do so were
   processed by a third-party provider which did not have access to necessary
   systems; (b) erroneously applied a coding change, which caused ongoing
   adviser fees to continue to be included in accounts but under the description
   of administration or account management fees, thereby making it difficult for
   the overcharging to be identified; (c) had ineffective controls in place to
   check that ongoing adviser fees were not being charged following a request to
   remove an adviser from an account, in that controls only reviewed a sample of
   customers each month and the form of the review did not pick up the errors;
   (d) retained until no later than December 2017 ongoing adviser fees to which
   it was not entitled; (e) provided account information conveying that the
   ongoing adviser fees were no longer being charged, when in fact amounts for
   those fees were being deducted from customer accounts.
   
   The court found that, between September 2014 and August 2017, a total of 404
   customers who had a total of 408 accounts were harmed by BT’s and Asgard’s
   conduct on 487 occasions, in circumstances where Asgard benefited from a
   total of $130,006 (including interest) in incorrectly charged fees.
   
   Between 2001 to 1 July 2014, a total of 363 customers were harmed by BT’s and
   Asgard’s conduct. BT and Asgard benefited from a total of approximately
   $500,000 (including interest) in incorrectly charged fees. Between December
   2017 and March 2018 BT and Asgard conducted a remediation program which
   refunded the inappropriately charged fees referred to above. Those costs were
   met by the Westpac Group. Westpac Group will pay the penalties and costs
   awarded against BT and Asgard.


ANNUAL MEMBER OUTCOMES ASSESSMENTS

View and download the latest Annual Member Outcomes Assessments for Asgard's
range of superannuation products


UPDATES

 * Asgard Employee Super Account - FY21 MySuper Lifestage performance update
 * Annual Members' Meeting
 * Australian Federal Budget 2021
 * Sustainable investing
 * Our insurance partner - AIA
 * AESA insurance arrangement
 * Change of insurer notice - AESA and APPP




QUICK LINKS

AIA partnership USIs, SPINs & ABNs
For investors Investor Online Asgard Lifestage performance update Annual
Members' Meeting Sustainable investing eCASH Banking Find an adviser Additional
disclosure
For advisers AdviserNET
For employers QuickSuper
More

Find an adviser Calculators Asgard Employee Super Contact us
Home FSG Disclaimer Privacy Numbers to remember Contact us Accessibility Sitemap