ASIC moves to force law firm on AMP documents

ASIC/australian-securities-and-investments-commission/law-firm/amp/federal-court/fee-for-no-service/AMP-Limited/investigation/ASIC-act/

17 December 2018
| By Mike |
image
image image
expand image

The Australian Securities and Investments Commission (ASIC) has applied to the Federal Court for an order compelling law firm Clatyon Utz to produce documents which go to the heart of fee for no service allegations against AMP Limited.

The regulator said today it had made the court application and was conducting an ongoing investigation into AMP over the fee for no service conduct and related false and misleading statements to ASIC.

“This relates to circumstances where customers were charged ongoing service fees without having been provided the services to which they were entitled,” the ASIC statement said.

The regulator said that in October, it had issued a notice under section 33 of the ASIC Act to Clayton Utz requiring the production of certain documents, and that the law firm had declined to produce the documents on the basis that they were the subject of legal professional privilege.

ASIC said it was seeking from the Federal Court a declaration that the documents were not subject to legal professional privilege or alternatively that legal professional privilege had been waived by AMP and an order requiring Clayton Utz to produce the documents to ASIC and ancillary orders.

ASIC’s application has been listed for a first case management hearing in the Federal Court in Melbourne on 8 February 2019.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months ago

Commonwealth Bank has formally dropped to zero advisers following LGT Crestone’s acquisition of its advice arm – some six years on from the Hayne royal commission. ...

3 weeks 6 days ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 week 3 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

2 weeks 6 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
3