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".
Recommended for you
Over 600 AFSLs – a third of the total number – are operating with just one adviser, according to Wealth Data, reflecting the rise of self-licensing.
Wealth management firm LGT Crestone has appointed Darragh Kennelly as a senior investment analyst to help the firm scale its alternatives platform.
A failure to implement a succession plan could negatively impact the sale price of an advice firm, with almost half of practices telling CFS that they would struggle to operate without their owner.
Insignia Financial’s wrap platform, MLC Expand, has launched a new investment menu, delivering low-cost access to ETFs and term deposits for advisers and their clients.
