Macquarie Equities Limited (MEL) has identified 163 clients who received inadequate financial advice and are eligible for $14 million compensation. Macquarie Group confirmed that the enforceable undertaking dictated by the Australian Securities and Investments Commission (ASIC) to the group's advice arm has been completed. Out of the 1,165 cases where Macquarie initiated the review, 83 were eligible for $7.7 million in compensation to 30 September 2015. The group had also assessed 1,500 complaints initiated by clients. Of these, 80 were eligible for $6.3 million in compensation to 30 September 2015. Eligible clients have either been paid or are in the process of receiving the compensation. In July, the group reported it had paid $11 million to disgruntled advice clients, a year after the remediation program was put in place. The figure had increased to $14 million by the end of September. The program is considered the most comprehensive within the industry because it reviews advice given by Macquarie financial planners going back to 2 March 2004, when Macquarie Private Wealth (MPW) obtained its Australian financial services license (AFSL). Overall, Macquarie Group reported a net profit after tax of $1.07 billion for the half year to 30 September 2015, up 58% on the prior corresponding period. Commenting on the results, chief executive Nicholas Moore said: "While Macquarie continued to build on the strength of its Australian franchise, its international income accounted for 71% of the group's total income for 1H16. This reflects the growth of our international operations, as well as the favourable impact of foreign exchange movements." The group estimates that a 10% movement in the Australian dollar will have approximately a 7% positive impact on the full year profit.
The Australian Securities and Investment Commission (ASIC) has forced The Australian Securities and Investment Commission is to pay $1.07 billion to 83 clients who received inadequate financial advice. The assessment into advice given by Nicholas Moore is considered the most comprehensive within the industry with reviews going back to 2nd the end of September .