Macquarie notes the Federal Court proceedings filed by the Australian Securities and Investments Commission (ASIC) in relation to the Cash Management Account (CMA) third party fee authority. Macquarie has cooperated with ASIC's investigation into this matter.
ASIC's court filing notes that this issue arose in relation to 13 clients of an independent financial adviser between 2016 and 2019, who has since pleaded guilty to fraud. Following the independent adviser's failure to compensate his clients for their losses, Macquarie fully reimbursed the 13 clients.
Macquarie treats the security of its clients' accounts with the utmost seriousness, and has continued to introduce new controls and processes to respond to the evolving external fraud environment.
