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Macquarie client compensation process begins

ASIC has revealed that Macquarie Bank will begin writing to aggrieved former clients of Macquarie Private Wealth (MPW) about remediation for “flawed financial advice”.

As part of Macquarie’s EU with ASIC, the bank will send out more than 160,000 letters to clients, inviting them to “raise concerns about the quality of advice” they received from MPW advisers.

All clients of MPW since the firm obtained its AFSL in 2004 will be receiving a letter under the terms of the agreement, the ASIC statement reveals.

“This remediation process will allow clients who believe they have been given poor advice to raise their concerns with Macquarie Equities,” ASIC deputy chairman Peter Kell said.

“Clients who have suffered financial loss due to bad advice must be properly compensated.”