Macquarie says its advisers have been given more than 11,000 hours of training to address problems.

Macquarie says its advisers have been given more than 11,000 hours of training to address problems.

Macquarie Group has for the first time provided high-level detail on how it’s addressing the corporate regulator’s concerns around a string of failings in its private wealth division.

In a presentation to its annual general meeting on Thursday, Macquarie outlined that it had spent about $49 million so far on systems upgrades and improving processes to rectify issues identified by the Australian Securities and Investments Commission (ASIC).

Macquarie’s private wealth unit was hit with an enforceable undertaking by the regulator in January 2013, following a series of lapses in record keeping, risk management and employee training dating as far back as 2008.

Macquarie also came under fire as a Senate committee report last month recommended a royal commission into conflicted financial advice, focusing on conflicts within the ­Nicholas Moore said the group had conducted a review of advisers and of clients’ accounts where concerns were identified by customers of Macquarie.

It is also contacting all 87,000 clients to ensure they can raise concerns.

Earlier this month, Senate inquiry chairman Labor Senator Mark Bishop said Macquarie had ­similar “systematic problems” to CBA, and was critical of Macquarie’s engagement with the committee.

The Senate report called for ASIC to be “far more intrusive and less trusting”.

Mr Moore noted management within the private wealth arm had changed since the ASIC undertaking and employee training of its 300 advisers had been bolstered.

“A lot of training is going on with advisers, with about 11,500 hours to date.”

The unit has completed three of four phases of the implementation program, overseen by ASIC and KPMG.

Macquarie reiterated its commitment to its regulatory obligations and client remediation.

But several Macquarie sources, who declined to be named, said the new advice platform had been slated for an earlier implementation.

Chairman Kevin McCann told investors the undertaking was not as serious as some of the compliance breaches identified at many of its rivals offshore.

“We are not in the situation of some of our competitors offshore,” he said of material penalties dished out to firms like JPMorgan and Credit Suisse.