NewsBite

Millions wasted, reputations damaged

Millions wasted, reputations damaged

Three years after the royal commission explored the fees-for-no-service scandal, ASIC has dropped the criminal probe into AMP on advice from the DPP.

Catherine Brenner says a more pragmatic approach from ASIC could lead to “better outcomes for consumers and the market”.  Peter Braig

James FrostFinancial services writer
Updated

Subscribe to gift this article

Gift 5 articles to anyone you choose each month when you subscribe.

Subscribe now

Already a subscriber?

Last Friday, as residents of Greater Sydney pondered just how much longer its three-week lockdown needed to drag on, the corporate cop announced a criminal investigation into the conduct of financial services giant AMP had been dropped, with no further action taken.

News that AMP was off the hook and would not face criminal charges in relation to charging financial advice fees to customers who didn’t receive any, received little more than a collective shrug from the public, preoccupied with the return of the worst parts of the pandemic.

Loading...

Subscribe to gift this article

Gift 5 articles to anyone you choose each month when you subscribe.

Subscribe now

Already a subscriber?

Read More

James Frost
James FrostFinancial services writerJames Frost writes about banking, funds management and superannuation. Based in Melbourne, James has been reporting on specialist business and finance topics for 15 years. Connect with James on Twitter. Email James at james.frost@afr.com

Latest In Financial services

Fetching latest articles

Original URL: https://www.afr.com/companies/financial-services/millions-wasted-reputations-damaged-catherine-brenner-20210720-p58b9w