Macquarie Bank clients who lost life savings in scandal largely denied compensation.
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Lawyer John Berrill has represented more than 100 people who lost large amounts of their life savings at the hands of Macquarie.
"It's farcical, just farcical," he told 7.30.
And in an ironic twist, Macquarie is using its widespread failure to document advice to clients, to now deny people compensation, arguing that its brokers and financial planners gave no personal advice.
An internal audit in 2010 — which was suppressed by Macquarie — found that 80 per cent of files breached legislation by failing to provide statements of financial advice or otherwise failing to properly document advice and the relationship with the client.
"They were saying we didn't give you personal advice, so we don't have to compensate you for it, the losses you suffered are not on our watch."
Macquarie's financial planning scandal erupted in early 2013.
After the exposure of serious problems in the private wealth division, Macquarie Equities Limited signed an enforceable undertaking with the Australian Securities and Investments Commission (ASIC).
ASIC acted, belatedly, on information provided by a whistleblower about problems and malpractice at Macquarie.
http://www.abc.net.au/news/2015-11-23/compensation-denied-for-macquarie-bank-customers/6967038
