AMP Limited has faced a savage assessment in the summing up of senior counsel assisting the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry which has suggested it is open to the Royal Commissioner to make serious adverse findings against the firm.
That summing up has gone so far as to name members of the AMP Limited board, including the chair, Catherine Brenner, as participating in changes to a Clayton Utz report which was presented to the Australian Securities and Investment Commission (ASIC) as independent.
Senior Counsel assisting the Royal Commission, Rowena Orr QC outlined the many issues which had been raised about the conduct of AMP Limited, and stated that on a number of occasions that while junior staff had issued warnings about the company’s conduct it had been ignored by more senior staff.
Orr said that on the evidence it was open to the commissioner that treatment of the Clayton Utz report may have constituted misconduct under the Corporations Act and ASIC Act.
AMP has been told that it is open to respond by way of submissions to the matter raised in the summing.
