AMP challenged by ASIC on fees for service conduct

ASIC has applied to the Federal Court of Australia for an order to compel AMP to produce certain documents relating to its fees for service conduct.

ASIC is currently conducting an investigation into the AMP Group for fees for service conduct and related false or misleading statements to ASIC. 

ASIC alleges that customers were charged ongoing fees without being provided the service for which they were paying.

In October, ASIC issued a notice to AMP’s legal firm Clayton Utz to produce certain documents, which the company declined to do on the basis they are subject to a claim of legal professional privilege by AMP Limited.

ASIC is seeking a declaration from the Federal Court that the documents are not subject to privilege or that privilege has been waived by AMP. 

It is also requiring Clayton Utz to produce the documents and ancillary orders.

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The case will not be heard by the Federal Court until February 2019.

AMP challenged by ASIC on fees for service conduct
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Eliot Hastie

Eliot Hastie

Eliot Hastie is a journalist at Momentum Media, writing primarily for its wealth and financial services platforms. 

Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.

Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).

You can email him on: [email protected]

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