June 19, 2018 / 10:44 PM / a month ago

Australia's Westpac says wealth management arm to cancel 'grandfathered' payments

June 20 (Reuters) - Westpac Banking Corp said on Wednesday that wealth management arm BT Financial Advice would cease making so-called grandfathered payments attributable to its financial products.

“We are working toward the changes taking effect from 1 October 2018 to allow sufficient time for implementation across more than 12 different IT systems, two platforms and many products,” Westpac said in a statement. (Reporting by Rushil Dutta in Bengaluru, editing by G Crosse)

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