Macquarie Group Limited
(ASX:MQG) is facing a review of its Macquarie Private Wealth business after Australia’s corporate watchdog found compliance failures dating back to 2008.
Australia’s largest investment bank has told the Australian Securities and Investment Commission (ASIC) it will address a series of recurring compliance deficiencies identified in its financial planning and stockbroking unit.
Among the deficiencies ASIC points out are client files not including statements of advice, advisors failing to demonstrate reasonable basis for advice and poor client records.
Macquarie is now required to develop and implement a plan to rectify any licence risk management and compliance deficiencies with the help of an independent expert over the next two years.
Macquarie Group posted a net profit of $361 million in the first half of the 2012 financial year.
