26 July 2012 6:54am
BNP Paribas Securities Services yesterday accepted responsibility for an error which resulted in members of the AGEST Super fund having their unit prices calculated incorrectly.
On Tuesday, AGEST reported that between January 2009 and June 2011 an unspecified number of members received unit prices that were either too high or too low.
BNP Paribas, which was AGESTís custodian bank during that period, said, in a statement yesterday, that the operational error, which related to the calculation of franking credits, affected only one client.
BNP Paribas has called in a consultant to audit all data supplied to AGEST. It said: "We have reviewed and are confident in the robustness of our controls."
AGEST said it had worked with the Australian Securities and Investments Commission, the Australian Prudential Regulation Authority and PwC on an appropriate remediation plan and adjustment to membersí accounts
BNP Paribas operates in Australia, unusually, through two licensed banks, both of which have foreign-branch status.
BNP Paribas Securities Services received a separate licence last year.