Private Wealth investigation
What is the investigation?
An investigation was carried out by ASIC that revealed serious and systemic problems with compliance at Macquarie Private Wealth, including cases in which Macquarie could not show a reasonable basis for the advice it had given out, and had failed to keep proper records for its clients.
Macquarie has since reached an agreement with ASIC to undertake an internal review; however, ASIC is not requesting that Macquarie audit every client's file, and there is no guarantee that Macquarie's internal review will find and compensate every client who received bad advice.
If you are a current or former client of Macquarie in any state or territory of Australia, and you think you've received poor financial advice from a planner resulting in bad performance by your investments, you should seek independent legal advice.
It is important to note that Macquarie's negligent record keeping may make it difficult for them to defend valid claims. Time limits apply so it is important to get proper advice soon. As ASIC conducts its investigations, you may be contacted by Macquarie or another entity about any investment advice received from its financial advisers.
Be aware that any information you give Macquarie Private Wealth or ASIC might be used against you if you decide to sue Macquarie. You should always get independent legal advice about how to respond to any requests for information.
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We offer 'no win, no fee'* arrangements for these types of cases, which means that you don’t have to pay for our legal services if we don't win. We have specialist financial lawyers in Melbourne, Sydney, Brisbane, Perth, Adelaide and throughout Australia. Contact us today for free legal advice about this matter and to find out how we can help.