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BFCSA: Macquarie Bank Poor Financial Advice: ASIC just wake up after whack by Senate Inquiry

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Did you have story to tell about bank financial planner advice?  Any Bank?  Please email me and tell me your story This email address is being protected from spambots. You need JavaScript enabled to view it.

http://www.theaustralian.com.au/business/financial-services/macquarie-bank-in-asics-sights-after-damning-senate-report/story-fn91wd6x-1226968912932

 CBA Toxic AdviceMacquarie Bank in ASIC’s sights after damning Senate report

THE corporate regulator has launched an investigation into Macquarie Bank’s financial planning arm, requiring it to “dramatically improve the standards of financial advice” provided and to set up a restitution scheme for investors after some of its financial planners allegedly gave poor financial advice.

The move by the Australian Securities and Investments Commission follows recommendations by a Senate inquiry highly critical of both ASIC and the Commonwealth Bank.  The committee recommended a wide-scale overhaul of the corporate regulator and recommended a royal commission into a scandal involving rogue planners in the CBA’s Commonwealth Financial Planning unit.  Facing the media, ASIC chairman Greg Medcraft said the regulator had already made a number of improvements suggested by the committee, but that implementing some others would be very costly at a time when the federal government had slashed its funding.

One recommendation of the Senate inquiry was that ASIC undertake “intensive surveillance” of other financial advice businesses that had recently been a “source of concern” such as Macquarie Private Wealth.  Mr Medcraft said the regulator had already launched an investigation into Macquarie Private Wealth, including securing an agreement for the group to make restitution payments to some investors.  He said the regulator would be making a public statement about that action in coming weeks.  Macquarie is being approached for comment..read more  THE corporate regulator has launched an investigation into Macquarie Bank’s financial planning arm, requiring it to “dramatically improve the standards of financial advice” provided and to set up a restitution scheme for investors after some of its financial planners allegedly gave poor financial advice.

The move by the Australian Securities and Investments Commission follows recommendations by a Senate inquiry highly critical of both ASIC and the Commonwealth Bank.  The committee recommended a wide-scale overhaul of the corporate regulator and recommended a royal commission into a scandal involving rogue planners in the CBA’s Commonwealth Financial Planning unit.  Facing the media, ASIC chairman Greg Medcraft said the regulator had already made a number of improvements suggested by the committee, but that implementing some others would be very costly at a time when the federal government had slashed its funding.  One recommendation of the Senate inquiry was that ASIC undertake “intensive surveillance” of other financial advice businesses that had recently been a “source of concern” such as Macquarie Private Wealth.

Mr Medcraft said the regulator had already launched an investigation into Macquarie Private Wealth, including securing an agreement for the group to make restitution payments to some investors.  He said the regulator would be making a public statement about that action in coming weeks.  Macquarie is being approached for comment.

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Guest Sunday, 31 May 2020