AMP-lified trouble
AMP has stumbled its way through a shambolic first examination at the banking royal commission after the wealth manager admitted senior staff ignored legal advice that the charging of customers for services they did not receive was unlawful.
The royal commission also heard on Monday that AMP’s financial planning arm was riddled with misconduct and that the group’s financial planning arm had identified more than 500 planners who had committed fraud, were dishonest or incompetent.
AMP’s head of advice Jack Regan leaving the Federal Court on Monday.
Photo: Eddie Jim
AMP also admitted it made 10 false statements to the Australian Securities and Investments Commission and that its scheme to provide a retirement plan for external advisers was designed to incentivise the sale of AMP’s products over those of other banks.
The wealth manager is the first case study for the banking royal commission’s second round of hearings into financial advice. Representatives from the Commonwealth Bank, National Australia Bank, Westpac and ANZ Bank will all also be called to give evidence over the next two weeks.
Oh what a tangled web….Makes a cheery Chimp like me look quite good!
Gibber! Gibber!
Chugley
The Bemused Chimp
One thought on “AMP-lified trouble”
Since you researched this, Chugley, today the CEO of AMP has resigned in shame. I think I heard one of the banks is now also being exposed for wrongful behaviour…criminal behaviour was mentioned. What a tangled web they’ve made for themselves.
Proverbs 11:1
A false balance is an abomination to the LORD, But a just weight is His delight.
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