On 29 January 2013, the corporate regulator ASIC announced it had accepted an Enforceable Undertaking from Macquarie Equities Ltd (MEL).
An investigation by ASIC found serious and systemic problems with compliance at Macquarie, also known as Macquarie Private Wealth, including cases where Macquarie could not show a reasonable basis for the advice it gave clients, and it failed to keep proper records for clients.
Macquarie has reached an agreement with ASIC to undertake an internal review. 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 got bad advice.
If you are a current or former client of Macquarie in any state or territory of Australia, who received financial advice from a planner, believe you received poor financial advice and are unhappy with the performance of your investments, you should seek independent legal advice.
It is important to note that Macquarie's poor 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. You should get independent legal advice about how to respond to any requests for information.
Any information you give Macquarie or ASIC might be used against you if you decide to sue Macquarie.
For free legal advice regarding this matter please call Maurice Blackburn.