ASIC has announced that Macquarie Equities Limited's 12-month program of work, which included assessing the quality of its advice files, has been finalised.
In a statement, the corporate regulator said that program was announced in February 2015 to test the reforms Macquarie had implemented following an enforceable undertaking.
KPMG was appointed to assess the sustainability those reforms and report back to ASIC and Macquarie. This included assessing the quality of advice and advice files for separate periods during the 12-month program.
At the end of the program, KPMG determined that ""that the policies, procedures and processes that KPMG have assessed in the course of this engagement have been effectively designed based on the nature, scale and complexity of MEL's business and are operating effectively as designed."
KPMG further stated that based on the testing performed, and at the point in time that their work was performed, information available to them indicated that given the nature, scale and complexity of MEL's business "the changes made by Macquarie under the EU Implementation Plan, including any updates or revisions made since the conclusion of the EU will be sustainable".
Based on this review of advice files, ASIC has noted an overall improvement in the quality of documentation since the EU's conclusion.
KPMG did not identify any inappropriate advice, though noted areas for improvement of documentation, the statement said.
The client remediation program, implemented during the EU, is continuing as well as ASIC's investigations into a number of former Macquarie advisers.
The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) has refer...
FASEA has announced its August exam sessions will only be offered remotely for V...
A major platform provider has made changes to its functionality to make it easie...