AMP denies criminal offending
[ROYAL COMMISSION] AMP 'strenuously denies' it committed a criminal offence when it supplied a law firm's report to the Australian regulator.
Friday, May 4th 2018, 1:25PM
AMP has released its submission to Australia's Royal Commission considering misconduct in the banking sector.
It said it admitted failings but disagreed with a finding by lawyers helping the inquiry that it had broken any laws.
The report, by law firm Clayton Utz, considered the issue of "fee for no service" but evidence was given to the Royal Commission that senior AMP executives modified the report before they gave it to ASIC>
The commission heard they wanted to limit the extent of the report's findings on the involvement of executives in misappropriating customer fees.
Rowena Orr, senior counsel assisting the Royal Commission, said that was a breach of the Corporations Act.
“AMP acknowledges its failings consistent with the evidence before the commission but does not accept all of the open findings which Counsel Assisting submits should be made,” the company said in ist submission.
It said the report by Clayton Utz was uncompromisingly direct and comprehensive and was built from interviews with a number of employees.
It would have assisted ASIC in its investigation, AMP said.
“It contains serious adverse findings, including a number of inaccurate or misleading statements to ASIC which form the basis of Counsel Assisting’s submission on that topic.”
AMP's chief executive Craig Meller and board chair Catherine Brenner have both stepped down since the Royal Commission began its work.
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