Macquarie Group chief executive Nicholas Moore has revealed $9.5 million of compensation has been paid to clients of its financial planning division and Macquarie expects to pay more as its reviews of client files continue.
It dismissed 11 financial advisers after reviewing the advice provided by its 300 advisers.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
