Macquarie Investment Management will refund $5.5 million to thousands of customers who were overcharged fees for more than a decade.
The investment arm of financial services giant Macquarie Group is compensating 2,300 customers affected by a computer glitch that caused them to be overcharged between 2001 and 2014.
The Australian Securities and Investment Commission says Macquarie had rectified the problems and would begin compensating customers from June 17.
"We welcome the reporting of large system errors to ASIC," the watchdog's commissioner Greg Tanzer said.
"Where errors do occur, entities must identify and appropriately rectify them as soon as possible."
Macquarie has appointed accounting giant Deloitte to ensure that all affected customers are identified and compensated.
The problems were linked to Macquarie's Wrap Platform, which helps superannuation funds and investment managers link a range of investments held by individuals.
Macquarie initially reported to ASIC two administration fee errors relating to a number of white-label Wrap Super and Pension and Wrap IDPS products.
Another problem with the fee was identified by Deloitte during a review.
Macquarie's problems follow similar ones at NAB Wealth, BT, Bank of Queensland and the Rock Building Society.
