Ahead of Macquarie Group chief executive Nicholas Moore's appearance at a public hearing of the Senate Economics References Committee in Canberra today, the
Australian Financial Review reports that Macquarie's private wealth division retained staff that had breached their obligations.
Moore, along with the head of Macquarie's banking and financial services division Greg Ward, will give evidence before the committee's inquiry into financial advice.
Executives from ANZ, Commonwealth Bank and National Australia Bank will also appear before the committee today.
According to the AFR, Macquarie continued the employment of an adviser found to have forged a client's signature and retained others who had cheated in exams.
The paper reports that Macquarie rejected these claims.
In February Macquarie finalised a two-year enforceable undertaking it has entered into with the Australian Securities and Investments Commission. The undertaking was aimed at addressing "systemic deficiencies" in compliance at Macquarie Private Wealth.
ASIC said Macquarie had more work to do, including continued reporting to the regulator and the appointment of KPMG to do more compliance testing.
ASIC said Macquarie also had an ongoing work program of client remediation.
ASIC said: "Macquarie [Private Wealth] has made substantial changes in management, business structure, surveillance and compliance, staff training, monitoring and supervision technology and licensee risk governance.