Subscribe to our newsletter

Macquarie Equities compensation bill nears $25m

Macquarie Equities compensation bill nears $25m

Reporter
— 1 minute read

Regulatory action against Macquarie Equities for “compliance deficiencies” commenced in 2014 is now substantially complete, with $24.7 million in compensation paid to clients.

ASIC announced yesterday that Macquarie Equities Limited's (MEL's) remediation program is now "substantially complete" almost four and a half years after ASIC announced its initial enforceable undertaking (EU) with the organisation.

The corporate regulator accepted an EU from MEL on 29 January 2013 following a surveillance that found "recurring compliance deficiencies by and in the supervision of MEL’s advisers".

ASIC later announced on 15 August 2014 that MEL was bringing in KPMG as an independent expert to oversee the remediation of affected clients, with additional scrutiny by Deloitte.

In its statement yesterday, ASIC said MEL has since paid approximately $24.7 million of compensation (including interest) to 263 clients.

"A small number of cases have not been finalised – typically because they are the subject of litigation or a current FOS complaint," said ASIC.

"ASIC acknowledges the co-operation and responsiveness of MEL during the remediation program."

Read more:

Sydney advice firm has AFSL cancelled

NSW Treasury Corporation joins ACSI

MDA provider fined by ASIC

Australia headed down UK path, says former Barclays exec

Citi names head of corporate banking

 

Macquarie Equities compensation bill nears $25m
investordaily image
ID logo

related articles

promoted stories