ASIC only became aware of system errors affecting Macquarie Wrap users after the bank brought the matter to the regulator's attention, says Macquarie.
Yesterday ASIC announced that Macquarie will refund approximately 2,300 clients a total of $5.5 million after a number of system errors that occurred between 2001 and 2014 were picked up.
A Macquarie spokesperson told InvestorDaily two errors were flagged internally and referred to the regulator before Deloitte picked up a third error.
"Macquarie identified an error affecting approximately one per cent of open Wrap accounts and a similar number of closed accounts which it self-reported to ASIC," the spokesperson said.
"The matter has been reviewed thoroughly and Macquarie is now working with accounting firm Deloitte which has assessed our process for reimbursing funds, including interest, to affected clients and has been engaged to review our amended controls.
"We are working with these clients to reimburse funds," the spokesperson said.
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