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AMP rejects criminal charge recommendation-悠悠HOT資源站

AMP rejects criminal charge recommendation

作者:Bubles 發表日期:2019-01-16 08:22:29

AMP has revealed almost 16,000 of its customers paid fees for financial advice they did not receive, while arguing it "strenuously denies" recommendations it face criminal charges over the scandal.

Responding to the banking royal commission on Friday, AMP said it "can only be of assistance" to the Australian Securities and Investments Commission by providing the regulator with a report on the issue prepared by law firm Clayton Utz.

The commission heard the report, which was billed as independent, had been subject to board review before it was handed to the regulator.

"AMP strenuously denies the allegation by Counsel Assisting that it is open to find that it has committed a criminal offence in providing to ASIC in October 2017 a report prepared by Clayton Utz," AMP said in its submissions on Friday. 

AMP also revealed, in its response to submissions made by senior counsel assisting the commission Rowena Orr QC, that 15,712 customers since 2008 had paid financial advice fees despite not receiving advice.

In most cases fee charges were the result of administrative error, AMP said, while a minority were cases where charging of fees was authorised.

Last week Ms Orr outlined a series of possible misconduct findings against AMP for misleading ASIC, including breaches of the Corporations Act that carry criminal penalties.

Ms Orr said AMP and its advice businesses misled ASIC 20 times from 2015 to 2017 about the nature and extent of its fees-for-no-service practice.

She said there was misconduct around what AMP described as an external and independent report on the fees issue, which went through 25 draft versions with changes from the company before being given to ASIC.

AMP employees or officers, including former chief executive Craig Meller, former chairman Catherine Brenner, group executive for advice Jack Regan and particularly general counsel Brian Salter, either marked up or suggested amendments, Ms Orr said. 

She concluded the AMP board may have approved the changes to the Clayton Utz report before it was submitted to the regulator last October. 

On Friday AMP said the report is "uncompromisingly direct and comprehensive" and concerned matters that are subject of an ongoing ASIC investigation that began in 2015. 

"Given the seriousness of the matters being investigated, AMP fully expects that ASIC will deal with them in an appropriate manner consistent with ASIC's enforcement priorities, and under a proper process, with affected parties having had an opportunity to be heard," AMP said. 

"There is no reason for the Commissioner to believe that ASIC will not deal with the matter appropriately."

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