The Penske File is a term coined by the writers of Seinfeld during the ‘Barber’ episode, to describe a project George is given to work on for a job he may or may not have. George is equally unsure what he has to do on this file, but goes along with it. This leads to a lot of ‘doing nothing’ while looking as though he is working hard. 1
In the same vein, the Penske File is a term being applied to an alleged cheat sheet for exams allegedly circulated among Macquarie Bank’s financial advisers. Its existence is shrouded in mystery, uncovered by a Fairfax media investigation last year, but neither confirmed by the corporate regulator, ASIC, nor Macquarie Management.2 The cheat sheet allegedly provided the answers to annual competency exams for Macquarie Private Wealth’s financial advisers.3 At the time of the investigation, Macquarie management claimed in a written statement on 3 August to have “examined the claim and found no evidence of it”.4 Peter Kell, Deputy Chairman of ASIC, denied ASIC had lost its copy of the Penske file, following a question put to him by Senator John Williams in September 2014.5
Australia’s financial advice industry is facing a crisis of confidence after CBA had its own scandal with more than 1,100 customers losing savings due to rogue advisers.6 Further, Macquarie has been required by ASIC to contact and compensate almost 160,000 current and former clients.7 Said Mr Kell on 13th February 2015, “there will be no Penske files in the future.”8 For the sake of investor confidence in Australia’s financial advisers, who are overwhelmingly law-abiding, let us hope not.
