Australias Amp Mislead Corporate Watchdog For Almost A Decade-inquiry

Australias Amp Mislead Corporate Watchdog For Almost A Decade-inquiry

SYDNEY - Australia's largest wealth manager AMP Ltd (AMP.AX) lied to the country's corporate watchdog for almost a decade to cover its widespread pra

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SYDNEY – Australia’s largest wealth manager AMP Ltd (AMP.AX) lied to the country’s corporate watchdog for almost a decade to cover its widespread practice of charging customers for services it did not provide, an inquiry heard on Tuesday.

AMP had told the Australian regulator that in 2009 it was charging fees after customers stopped receiving advice, by mistake, and that it was moving to correct the practice; however documents presented in the inquiry revealed the practice had been discussed by management and approved.

By June 2017, the practice had affected about 29,000 clients and AMP was telling the Australian Securities and Investments Commission (ASIC) its processes had failed, even though there were no processes to stop the misappropriation of funds.

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