ASIC has written to Macquarie Group and has also issued a request for information concerning the alleged breaches, which follow surveillance conducted earlier 2012.
Probe into whether there has been a breach of laws designed to protect the interests of advised clients by ensuring appropriate advice is expected to take some months.
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Meanwhile, in an internal review commissioned in 2008, Macquarie has found that more than 80% of private client advisers were in breach of Financial Services Reform Act standards.
News of the investigation has emerged following ASIC’s preparation for trial in a case against Macquarie, CBA and Bank of Queensland for breaches including unconscionable conduct and operation of an unregistered managed investment scheme in relation to the 2008 collapse of Storm Financial.
ASIC has been toughening its stance against wealth providers.
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