Westpac has today agreed with IOOF to conclude its ten-year shared Master Relationship Agreement (MRA*) from Thursday 17 December 2020.
The decision reflects the Westpac's strategy to simplify its business and exit complex arrangements.
Westpac and IOOF have worked collaboratively to reach the agreement while supporting IOOF advisers and clients to transition to the market leading BT Panorama platform. This follows Westpac's first successful client migration from BT Wrap to Panorama earlier this month.
To avoid complex, costly and time-consuming separation provisions, as set out in the MRA, Westpac will pay IOOF a one-off amount of $80 million.
As the agreement will see BT continue to provide platform and related services to clients and advisers including those with a relationship with IOOF, the one-off amount will be partially offset by other net platform revenues.
