Counsel assisting the royal commission has advised that criminal prosecution against AMP be initiated following evidence of misconduct.
Rowena Orr QC is currently providing closing statements in the royal commission's financial advice and wealth management hearings.
Turning first to the evidence of AMP group executive, advice and NZ, Jack Regan, Ms Orr said the executive had admitted to conduct that was "unlawful and ethically and morally wrong".
She reminded the commission that AMP has made "20 false and misleading statements in 12 communications" to ASIC, which is tantamount to breaches of both the Corporations Act and ASIC Act.
Ms Orr described AMP's claims that Clayton Utz's review of its BOLR policy was "independent" was "materially incorrect" and intended to deceive the regulator.
She described the conduct of AMP as "unconscionable".
A number of the contraventions listed by Ms Orr carry criminal penalties.
"It is open to the Commissioner to find that this conduct is attributable, in least in part, to the culture [of AMP]," she concluded.
Follow the final day of royal commission financial advice hearings live: https://www.ifa.com.au/strategy/25404-royal-commission-financial-advice-hearings-live-blog
The big four bank has estimated it will be paying around $8 million to around 8,...
FASEA has conceded that its code of ethics is difficult for compliance managers ...
The majority of claims made under retail life insurance policies are now able to...