ASIC Deputy Chairman Peter Kell said: "This remediation process will allow clients who believe they have been given poor advice to raise their concerns with Macquarie Equities". "Clients who have suffered financial loss due to bad advice must be properly compensated.
Macquarie Group will begin contacting current and former clients of its wealth division about possible compensation for bad financial advice, the corporate regulator says.
The market watchdog said Macquarie would send out 160,000 letters to clients, inviting them to raise concerns about the quality of advice.
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