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.”

Macquarie client compensation process begins
ifa logo

The must-attend event for financial advisers is back in 2022: the ESG Summit, coming to Sydney and Melbourne in February. Walk away with vital knowledge on a number of key ESG areas to help you make informed ESG strategy decisions and to better communicate and integrate the growing ESG space to clients. Visit the website to secure your place.

Subscribe to the ifa bulletin

Receive daily online news,analysis, reports and business strategies
By signing up you agree to our Terms of Use and Privacy Policy

Website Notifications

Get notifications in real time and stay up to date with content that matters to you.