The AMP staffers were interview by Clayton Utz in connection with its report to AMP in October 2017, which was considered in the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry in April 2018, ASIC said in a statement.
The interview notes had been withheld from ASIC by AMP, which claimed that they were subject to legal professional privilege (LPP). ASIC then disputed the claim of LPP.
Further, the notes were in response to a compulsory notice to produce issued by ASIC under section 33 of the ASIC Act in October 2018 and relate to ASIC’s ongoing investigation into AMP Group for fees-for-no-service conduct and related false or misleading statements to ASIC.
On 7 March 2019, the day AMP and Clayton Utz were due to file their evidence in the proceedings, Clayton Utz produced the documents sought by ASIC with no claim of LPP by AMP.
AMP agreed to pay ASIC’s costs and the proceedings were dismissed by consent on 8 March 2019.
“ASIC is determined to take enforcement action against the major banks and financial service providers and to use all legal powers necessary to investigate the significant issue of fees for no service,” said ASIC deputy chair Daniel Crennan.
“Entities should take seriously their obligations under statutory notices issued by ASIC, including producing documents in accordance with the specified timeframe and not preventing the disclosure of documents to ASIC by making inappropriate LPP claims. These interruptions delay and frustrate ASIC’s proper investigation.
“ASIC is pleased that the documents have now been produced but is disappointed that the matter was not resolved sooner.”
ASIC commenced Federal Court proceedings against AMP and Clayton Utz in December 2018, seeking an order compelling Clayton Utz to produce the interview notes.
so basically Clayton Utz and AMP bought themselves the best part of 10-12 weeks before complying with ASIC’s request? I wonder how many of the file notes got wiped from the PCs?
When ASIC gets investigated, they will use the same tactics and cite LPP.
Funny how times changed ASIC were given a lay down misere for the same taking fee for no service for a very large credit unionclosed the matter as they wanted names of all the clients. So obvious that the staff looking out the windows in the morning or afternoons is no longer allowed and ASIC knows the holiday is over. Too bad the damage has been done
oh dear, AMP shares dropping in value, adviser numbers?, dropping. Adviser image can’t do much more damage!!
Bit Rich coming from ASIC who don’t take any meeting notes at all for “free flowing corrupt conversations” how to get rid of financial planners with choice
That is funny. The reality is, AMP at least has documents – ASIC has admitted it does not keep records of conversation even at the highest level.
They dont keep them as they get sold i furniture auctions. Replacing furniture means the sometimes full files are not removed before sold.
and i bit rich for ASIC not securing their files. i happened to be at an auction in sydney for office furniture and some credenza’s were locked. I seen them opened by the buyer as he was interested in what they contained. WOW, Asic files on meetings and lunchs with …. including expenses etc. I guess there is one rule for them and one for others. If they dont secure their information and it ends up in public auction houses then….?