BT has announced it will shut down the SMSF establishment and administration services on its Panorama platform at the end of this week, but will continue to allow SMSF clients to use its investment and cash account facilities.
In an email sent to BT Panorama SMSF services clients, BT stated that following a review of its services “BT has decided to simplify its current SMSF offers and will cease offering the Panorama SMSF establishment and administration services effective 23 December 2021”.
“Whilst our SMSF establishment and administration services are ceasing, advisers, clients and accountants will continue to be able to collaborate on Panorama as they did before,” it said.
“This change is part of our simplification program, allowing us to focus on our core platform capabilities and our ongoing program of improvements.”
In the note to clients, BT added any in-progress applications to set up an SMSF in conjunction with opening a Panorama Investments account or BT Cash Management Account (CMA) could still be submitted by 23 December, but any applications after this date would not be processed.
“All SMSF establishment applications received and approved by 23 December 2021 will continue to be supported by our team until your client’s SMSF has been registered with the ATO and their Panorama Investments or BT CMA Saver account becomes active,” it said.
BT added registration requests for the Panorama SMSF Administration Service could also be submitted, “however as the administration service is being terminated, we reserve the right to reject applications during this period”.
Fees for the BT SMSF Administration Service ranged from $2165 to $3800 a year, with the higher fees charged for funds with assets inside and outside a BT Panorama Investments account, as well as holding segregated assets and complex assets.
BT was contacted for comment, but did respond by the time this story was filed.