Macquarie in hot water for bad financial advice

Global banking group Macquarie will start contacting clients for bad financial advice provided by their financial advisory arm, Macquarie Private Wealth. 160,000 will be sent out to affected clients, after the Australian Securities and Investments Commission flagged them for poor compliance.

ASIC has called on Macquarie to entertain clients in the remediation process within 5 months and compensate those that suffered financial losses due to bad advice.

Read more about this on the Sydney Morning Herald website.