Morgans was so riddled with compliance shortfalls and problems with inappropriate advice that the stockbroking firm posed an “ongoing regulatory threat”, according to a secret 2015 assessment by the Australian Securities and Investments Commission.

This threat or “burden” would only be alleviated with an “an extensive overhaul of Morgans’ compliance model”, the corporate cop found, according to internal documents that can only be revealed after a five-year battle under freedom of information laws.