The Securities & Futures Commission is asking banks and brokerages to help accelerate the investigation process into alleged misselling of Lehman Brothers-related products, its Executive Director of Enforcement Mark Steward says.

At a wealth management conference today, Mr Steward said intermediaries should undertake their own internal inquiries into their selling practices, and engage external consultants to conduct a review if necessary, instead of waiting for the completion of the commission's investigations.

"This approach is in the best interests of both the investors and the banks and brokerages," he said, noting it will help speed up a resolution of regulatory issues, reduce overall costs and expenses and the risk of many separate and competing legal claims.

Mr Steward stressed a top-down approach will be taken to probe the selling practices and policies of each bank and brokerage instead of investigating each complaint individually, so the commission can respond quickly to the maximum number of complaints in the shortest possible time.

"No outcome will be pre-judged, and our conclusions will be based on evidence, not on supposition, speculation or any external pressure for a particular desired result," he said.

Mr Steward urged those banks/brokerages setting out to offer compensation to ensure the population of the affected clients is clearly defined, their identification is sound and covers the field of potential liability, and that the compensation is fair and reasonable.

Click here for Mr Steward's speech.