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Senate inquiry spotlight shifts from CBA to Macquarie

by Staff Reporter7 minute read

Fairfax Media has reported that Macquarie Group did not cooperate with the Senate inquiry that examined unethical financial planning practices at the Commonwealth Bank.

Senator Mark Bishop, who chaired the Senate Economics References Committee, said Macquarie had similar “systematic problems” to the Commonwealth Bank, according to Fairfax.

“Arising out of confidential information provided to us, we wrote to Macquarie asking them to address the significant number of complaints we received,” he said.

“They wrote back and politely told us to mind our own business.”


Senator John Williams said Macquarie still had issues to address.

“There are a lot more questions for Macquarie Wealth to answer and they need to look pretty hard in the mirror in terms of their compliance,” he said.

The Senate Committee report also recommended that ASIC undertake “intensive surveillance” of Macquarie to ensure that it was meeting the terms of a 2013 enforceable undertaking.

A Macquarie spokesperson told Fairfax: “Macquarie is continuing to work constructively with ASIC to implement the enforceable undertaking.”

[Related: Senate tells ASIC to lift its game]



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