Westpac ends BT Master Relationship Agreement with IOOF

Media
Release


18 December 2020


WESTPAC ENDS BT MASTER RELATIONSHIP AGREEMENT WITH IOOF


Westpac has today agreed with IOOF to conclude its ten-year shared Master Relationship
Agreement (MRA*) f rom 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 t he 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.



For further information:

Lisa Parrett Andrew Bowden
Media Relations Investor Relations
M. 0432 933 796 M. 0438 284 863

ENDS


*
The MRA governed the promotion of BT platform products and the manner in which
communications could be made with IOOF advisers among other aspects of the relationship
between IOOF’s adviser network and the BT platform product issuers.


This document has been authorised for release by Tim Hartin, General Manager & Company
Secretary.

Level 18, 275 Kent Street
Sydney, NSW, 2000