Macquarie hits back at SMH claims
Macquarie says it "found no evidence" that several financial advisers cheated on a continued professional development (CPD) test using answers circulated by management.
The Group has hit back at claims in a Sydney Morning Herald article that some advisers had accessed a file of CPD answers, saying it had "examined the claim" and found no record of the activity.
In a statement, Macquarie has accused the SMH of omitting its response to the competency test claim.
However, the SMH said Macquarie did not directly answer the question, instead pointing to "external compliance training".
The series of SMH articles, published last weekend, reviewed court cases relating to Macquarie Private Wealth (MPW) and said there was a pattern of investors being persuaded to take out risky products, such as large margin loans.
One of the articles claimed MPW had exposed hundreds of clients to high-risk products and said the damage from client losses could run into the tens of millions.
Macquarie said the claim was "without factual basis" given the ongoing nature of its investigation and client remediation process.
It said it would refer the articles to the Australian Press Council.
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
