Westpac is up for another A$87 million in remediation costs after acknowledging that financial planners working for its advice businesses may have failed to notify them of corporate actions relating to ASX-listed securities they held.

According to a statement released by ASIC, between 2005 and 2019 around 32,000 clients of Securitor Financial Group, Magnitude Group and BT Financial Advice may not have received notifications buy backs, rights issues, share purchase plans and takeovers relating to companies held in their portfolios.

“Westpac’s failure to notify customers of corporate actions means customers may have missed out on various opportunities,” ASIC said.

Missed opportunities include purchasing additional shares at a discount to the market price, the creation of rights or options that could be sold at a profit, and the ability to sell shares and receive a tax-advantages benefit.

Westpac reported the problem to ASIC in 2019. None of the advice businesses involved still provide personal financial advice.

Westpac paid more than $200 million in remediation to around 570,000 customers during the March half.

All up, customer refunds, payments and associated costs have had a $1.9 billion impact on cash earnings since 2017.