While the banking royal commission battles on, exposing scandal after scandal so serious it looks as though the sector’s reputation will be in tatters for a generation, one bank has somehow managed to completely avoid the limelight.
Macquarie Equities Limited (MEL) will spend a further 12 months under the watchful gaze of ASIC and KPMG after the completion of its enforceable undertaking on 29 January this year.
Macquarie Equities Limited advice files have gaps and require further testing, the Australian Securities and Investments Commission (ASIC) said as the two year enforceable undertaking (EU) into the organisation's advice arm comes to an end.
There is a certain irony about Macquarie Bank warning against new financial regulations, when only six years ago it was begging the government for help, writes Ian Verrender.
Macquarie Private Wealth has sent letters to dead people as part of its mailout to 160,000 current and former clients who may have received shoddy financial advice.
ASIC announced Macquarie Equities Limited (MEL) will today begin writing to current and former clients about possible remediation for flawed financial advice.
Macquarie Group is motoring along in top gear again but it can now see John Walker, chief executive of litigation funder IMF Bentham, looming in its rear vision mirror.
The Commonwealth Bank's boss, Ian Narev, recently noted that the financial fallout from the bank's financial advice scandal had not been significant and it's probably fair to say that in the longer term it won't sustain any real brand damage.
