Sydney, 07 July 2014
Macquarie was surprised by today's Australian Financial Review article concerning our response to the Senate Committee Inquiry into the operation of ASIC.
Macquarie takes its regulatory obligations very seriously and always seeks to ensure compliance with the requirements of all our regulators including ASIC.
Following a review by ASIC of Macquarie's retail client advice business, Macquarie Private Wealth (MPW), the business entered into an Enforceable Undertaking (EU) in January 2013. This was a public undertaking and extensively covered by the media at the time. Since then, there has been no change to the terms of the EU.
Since then we have been working with ASIC to resolve all its matters of concern. This has been a very full process coinciding with the FOFA reforms and resulting in extensive investment in new systems, processes and training. This work is ongoing.
In May of this year the Senate Committee Inquiry offered us the opportunity to respond to comments made by ASIC about MPW and its EU. The comments by ASIC to the Committee were consistent with previous comments it made and accordingly, we advised the Committee that we remain committed to resolving these matters through the EU and through regular discussion with ASIC.
Macquarie advised that it would continue to be available to answer any further questions the Committee may have. Macquarie was not called to give evidence at the Committee's hearings.