No tolerance for wrongdoing: Macquarie

The nation's largest investment bank has denied its financial advice staff have cheated at exams.

There was no evidence of the claim made in the Australian Financial Review this week, Macquarie Group deputy managing director Greg Ward said.

"We checked over four million electronic records to find evidence ... ASIC themselves did a review and found no basis for inducting actions," he told a Senate inquiry into financial advice on Tuesday.

And a reference in the same article to an adviser forging a client's signature involved an account the adviser jointly held with his wife and had signed for expediency.

He received a warning from the bank for inappropriate behaviour.

"We have absolutely no tolerance for wrongdoing, we are reviewing all these matters," CEO Nicholas Moore told a Canberra hearing of the inquiry.

Moves towards a victim compensation scheme where people have been found to have suffered as a result of poor advice would be part of the evolution of the financial planning industry, he said.

Such schemes were in place for other professional bodies.

"As we professionalise this industry ... it wouldn't be an unexpected outcome," Mr Moore said.