Damning revelations from Australia’s Royal Commission
By Kirsten Hastings, 27 Apr 18
The second week of Australia’s Royal Commission into financial advice was not a let-down after a jaw-dropping first week. Click through the slides below to see what happened…
The senior counsel assisting the commission, Rowena Orr QC, said insurer AMP had breached criminal provisions by misleading the Australian Securities and Investment Commission over its charging fees to clients but providing no service.
She has recommended that AMP face criminal charges, reports local newspaper Sydney Morning Herald (SMH).
In a sensational moment during the first week, AMP executive Jack Regan admitted that the firm had lied to the regulator on 20 occasions.
The bombshell saw the firm’s chief executive Craig Meller resign a year early. The board of AMP is also reported to be planning an emergency meeting to decide the fate of chairman Catherine Brenner.
Orr has also recommended that the big banks be pursued for a myriad of breaches of corporate law.
The Australian Government unveiled tougher penalties on 20 April that could see corporate criminals face a maximum of 10 years’ imprisonment.
Financial services firms found in breach face a maximum fine of A$210m (£115m, $163m, €132m) or a 10% penalty on their annual turnover.
Tags: AMP | Australia | Royal Commission
