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“However, they raise serious questions about the bank’s risk management practices and its ability to calculate and publish key prudential ratios.”
Macquarie will also need to “step up monitoring” of compliance with prudential standards, and APRA has left the door open to further penalties for breaches.
The reprimand is a relatively rare enforcement action against the so-called millionaire’s factory, which has avoided any findings of misconduct and has even been lauded by the Hayne Royal Commission.
In 2013, Macquarie entered into a binding engagement with the corporate regulator over major compliance violations in its trading and financial planning divisions.
Since then, it has repositioned its wealth offering as being exclusively reserved for rich and sophisticated investors.
Last year Macquarie celebrated its own risk management procedures at an operational briefing, telling investors that “risk is an integral part of who we are.”
Macquarie has been approached for comment.
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