Australia, June 30, 2022 

The Australian Securities and Investment Commission (ASIC) has commenced a civil penalty proceeding in the Federal Court against Mercer Financial Advice (Australia) Pty Ltd (MFA), Mercer’s financial advice entity.  

This is a historical matter involving allegations as to MFA’s disclosure documents and the charging of advice fees where not all aspects of advice services may have been provided. 

MFA promptly disclosed the matter to ASIC and has been cooperating closely with ASIC.

At the time, MFA took prompt action to review all customer records and put in place a remediation program.

The remediation program was completed in May 2021, with all affected customers being fully remediated.

MFA again apologises to all affected customers. We deeply regret that this occurred and we thank our customers for their ongoing support. MFA has implemented further controls and process changes to guard against this happening again.

MFA will continue to cooperate with ASIC so as to bring the Court proceeding to a speedy resolution. 

It would be inappropriate to comment further as the matter is now before a Court.