ASIC continues Macquarie remediation
The Australian Securities and Investments Commission (ASIC) has pointed to its remediation work with Macquarie Private Wealth as one of its steps towards the regulator "doing a better job".
In an address to the Senate Estimates Committee, the corporate regulator's chairman, Greg Medcraft, offered updates on some of its ongoing projects in an effort to improve transparency following a recent inquiry into the performance of ASIC.
He listed remediation activities with Macquarie as one of the regulator's persisting priorities.
Medcraft said it had advised Macquarie to write to 160,000 of its clients who may have been impacted by flawed advice earlier this year, which followed the regulator's surveillance of the private wealth group.
Medcraft said the remediation work with Macquarie was part of ASIC's efforts to restore "investor and financial consumer trust and confidence".
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