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BFCSA: The Ernst & Young gloss over of Macquarie Bank Mackers Sp. McMess - Everyone forgot to tell Lazy ASICers

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"Shortcomings?"  More like criminala mctivity to me.  If it quacks like a duck then its a Mackers Special McMess...............Time for Royal Commission into Banks and ASIC.........................time for industry whistle blowers to come forward - we respect confidentiality!  Call me.

Inside story | The mess Macquarie made


Management believed the issues could be quietly dealt with behind closed doors and without the prying attention of regulators or the public.  But what originally appeared to be just a piece of corporate carelessness has led to a public caning by the regulator and wide publicity about Macquarie’s numerous and serious breaches of the rules designed to protect the investing public.

Stockbrokers, who ASIC deemed to be advisers, repeatedly failed to keep records of client advice and the basis of that advice. Macquarie did not retain evidence if clients were sophisticated investors capable of understanding complex financial advice. Many stockbrokers at Macquarie Private Wealth appear to have thumbed their nose at their responsibilities. They focused on generating commissions from clients. After all, time spent on compliance and paperwork is time better spent drumming up business..................

All the damage was done within Macquarie Private Wealth, which is a smallish outpost offering financial management services to the public and has nowhere near the revenue clout of the investment bank’s corporate business. Yet it’s the public face of the bank, the shopfront.  The reputational damage is great as Macquarie now faces three problems. First, there are the charges by ASIC that Macquarie failed to address recurring compliance deficiencies involving a significant number of its advisers providing financial advice to retail clients.  Second, that they failed to report these failures to ASIC, as the law required.

The most serious is the third allegation being talked about widely inside and outside Macquarie: that Macquarie used one of Australia’s biggest accounting firms, Ernst & Young, to gloss over compliance problems. E&Y was called in midway through 2010 to give a second opinion on compliance behaviour by Macquarie Private Wealth advisers.............

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  • Denise
    Denise Friday, 29 August 2014

    Wait for the Government to say: "oops we did not see this Macker Mess coming!!!"

  • Duped
    Duped Friday, 29 August 2014


    Sneaky buggers aren't they, find an accounting company who will report what they want them to report.

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Guest Tuesday, 24 November 2020