Questions are being raised about why one of Australia's biggest stockbrokers did not disclose internal warnings about a problematic branch office to clients. Some clients now say it cost them hundreds of thousands.
The warning lights were blinking inside Morgans, one of Australia’s biggest stockbroking outfits.
Compliance officers had been scouring a branch at Springwood, located off a busy highway south of Brisbane, and problems just kept reappearing. Client outlines didn’t match risk profiles. Customer objectives seemed generalised.
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Original URL: https://www.afr.com/markets/equity-markets/broking-bad-warnings-of-an-advisory-wipeout-20190704-p5241s
