A spokesperson for ASIC confirmed that the regulator would not be taking any action against Ms Brenner, who resigned as chair of the AMP board in April 2018 following evidence uncovered at the inquiry that an independent expert report provided to ASIC by law firm Clayton Utz regarding AMP’s charging of fees for no service to advice clients had had input from AMP.
At the time, the AMP board said it was satisfied that Ms Brenner “did not act inappropriately” and that she and the board “were unaware of and disappointed about” the extent to which Clayton Utz and AMP’s group general counsel at the time, Brian Salter, had collaborated on the report.
The news follows comments from the regulator at last week’s House economics committee hearing that “a significant number” of other ASIC investigations were occurring with respect to AMP, and that the regulator was likely to initiate court proceedings against the group before the end of 2020.
“We have a number of investigations that are ongoing internally, and a number of investigations that have been … against any particular entity,” ASIC deputy chair Dan Crennan told the committee.
The ASIC spokesperson said that the regulator’s “various investigations into matters concerning AMP continue”.
To be fair her replacement is even worse so let’s hope they are gunning for him. In reality however it is just another example of a large corporate getting away with everything whilst throwing their advisers under the bus.
And Dover got foreclosed due to CPP…
Will that be the wagyu and shiraz madam chairperson?
you won’t find it on the ASIC soft dollar register because they refuse to disclose it.
WTF?
too busy chasing dover…
Good call. ASIC was being sexist anyway in pursuing one of the few female Chairs. A man is more likely to have been guilty. [WARNING: sarcasm]
Why?
ASIC proves yet again to be a toothless tiger when taking on the big issues. Anytime they are up against the big boys they roll over. However if an adviser misses one point on a 80 page SOA they are named, shamed, banned, fined and jailed.
One rule for the swine that caused the problem and another for advisers and consumers. What a pathetic regulator ASIC are. A disgrace.
Certainly it must have been the Advisers fault hey ASIC.
You can be the Chairwoman of the AMP disgusting Institution that oversees criminal behaviour of Fees for No Service so blatantly for at least a decade or more that ASIC knew about, AMP executives knew about and neither did anything about it.
But hey surely you can’t blame the people at the top with the big cushy directors fees, big reputations and big friends.
Catherine can breath easy and continue her directorships elsewhere and her highfalutin life, cause she had no idea she was Chairwomen of such a stinking criminal ship that is AMP.
[b]No sir re we can’t blame these elites, or ASIC. [/b][b][/b]
Let’s find a way to blame the lowly Financial Advisers again, they cause all the crap.
What an absolute joke is AMP, ASIC and the leaders of both.
[b]Where are the Ethics courses for the AMP directors, executives, managers, etc and ASIC ?????????????? [/b][b][/b]
how many of us advisers new that was going to happen. all
[b]THAT’S NICE !! [/b][b][/b] Too big to take on?