AMP has issued a statement responding to the "seriousness" of suggestions it may face criminal prosecution off the back of evidence tendered to the royal commission.
In concluding the second round of hearings on Friday, counsel assisting the royal commission Rowena Orr QC advised Commissioner Ken Hayne that evidence provided in recent weeks indicates AMP contravened both the Corporations Act and ASIC Act with breaches that may incur criminal penalties.
In response, the financial services giant has issued a statement acknowledging Ms Orr's concluding remarks.
"AMP acknowledges the seriousness of the closing submissions made by Counsel Assisting the Royal Commission today," the statement said.
"We are reviewing those submissions closely and will respond fully next week.
"The Commissioner will have AMP’s submissions in relation to these matters before making any findings."
A newly created role has been announced.
A former NSW financial adviser has been sentenced to a three-year intensive correctional order, including one year of home detention.
Financial advice practices must look at decreasing time spent on the review process in order to drive profitability and efficiency, the co-founder of ...
Get the latest news! Subscribe to the ifa bulletin
Get notifications in real time and stay up to date with content that matters to you.