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."
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