The Australian Securities and Investments Commission (ASIC) has reacted to testimony given to the Royal Commission to confirm that AMP has been the subject of ongoing investigations with respect to fee for no service.
In a statement issued today, the regulator said: “ASIC is and has been investigating AMP's conduct in relation to 'fees for no service' (FFNS) as raised in the evidence given at the Royal Commission.
“This investigation has involved the FFNS conduct and related false or misleading statements to ASIC," the regulator’s statement said.
“ASIC has, as part of its investigation, received many thousands of documents and undertaken 18 examinations of AMP staff. ASIC is also ensuring that compensation is paid to impacted AMP clients,” the statement said.
It said ASIC had been cooperating with the Royal Commission on a range of matters that included both current and previous investigations.
“More broadly, all financial institutions need to understand the importance of co-operating with the regulator and complying with the law when providing information to ASIC. Making false or misleading statements to ASIC can result in civil and criminal sanctions,” ASIC said. “In accordance with our general policy on public comment we will not make further public statements about our investigation of these matters at this time.”