ASIC may investigate Macquarie Private Wealth for "for ongoing compliance failures; for providing clients with inappropriate advice", and other breaches, the Sydney Morning Herald reports.
The SMH, which first reported on the matter yesterday at its website, did not amplify the allegation, but did report the findings of one internal review, undertaken by Macquarie in 2008, that found "a failure rate of more than 80 per cent" on the part of the bank's advisers. Macquarie did not comment to the SMH or to Banking Day. The Financial Review
today also reported on the fact of the inquiry by ASIC and named two of the investigators.
-- Fitch Ratings said it affirmed the ratings of Macquarie Group Limited and its Australian subsidiaries, including Macquarie Bank Limited. It said the outlook on the ratings was stable. Fitch has a rating of A- on the long term debt and F2 on the short term debt of Macquarie Group. It has a rating of A on the long term debt and F1 on the short term debt of Macquarie Bank.
-- Macquarie Group will spend more than $80 million converting the former State Savings Bank building at at 48-50 Martin Place in Sydney, the Financial Review
reported. Macquarie acquired the building from Commonwealth Bank earlier this year. It will house around 2000 staff. The building served as CBA's headquarters fro the mid 1990s before that bank moved to Darling Harbour.