Macquarie Equities pays $24.7m in compensation
Macquarie Equities Limited (MEL) has substantially completed its remediation program under its enforceable undertaking with the Australian Securities and Investments Commission (ASIC).
ASIC said since the remediation program was established in 2014, MEL has paid approximately $24.7 million in compensation, including interest, to 263 clients.
The corporate regulator noted that a small number of cases have not been finalised “typically because they are subject of litigation or a current FOS [Financial Ombudsman Service] complaint”.
ASIC also said it acknowledged the cooperation and responsiveness of MEL during the remediation program.
ASIC accepted an enforceable undertaking from MEL in 2013 after it found some recurring compliance deficiencies by and in the supervision of MEL’s advisers.
MEL is a subsidiary of Macquarie Group.
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