Macquarie Investment Management has reached an agreement with the Australian Securities and Investments Commission (ASIC) to refund around $5.5 million to approximately 2300 people who were diddled out of money due to a system error on its investment platform that led to some clients being overcharged fees over a 13-year period.

The errors occurred between 2001 and 2014 on a number of products using its Macquarie Wrap Platform, a collection of financial products the institution has approved for its advisers to direct clients' money into.

ASIC commissioner Greg Tanzer said the regulator welcomes self-reporting of system errors by financial services providers. Credit:Louise Kennerley

The market regulator acknowledged the cooperative approach taken by Macquarie in self-reporting the matter in April 2014 after discovering two errors on its platform.

"We welcome the self-reporting of large system errors. Where errors do occur, entities must identify and appropriately rectify them as soon as possible. ASIC will work with entities who report issues to us to ensure consumers are compensated in a timely, effective way," ASIC commissioner Greg Tanzer said.