ASIC ups the ante in AMP investigation

The corporate regulator is seeking court orders to have AMP's law firm Clayton Utz hand over documents it says have been "withheld," as part of its investigation into the wealth manage'rs fees-for-no service scandal.

Amid a powerful Australian Securities and Investments Commission (ASIC) investigation into AMP, including over misleading statements made by AMP to ASIC, the watchdog is applying for new documents that Clayton Utz  has declined to produce because they are subject to a legal professional privilege claim by AMP.

ASIC is seeking file notes from interviews with current and former AMP staff.Credit: Jessica Hromas

"ASIC has applied to the Federal Court of Australia for an order compelling Clayton Utz to produce certain documents which have, to date, been withheld from ASIC," the regulator said.

The push for a Federal Court order, which will be heard by a judge in February, relates to ASIC's investigation into an "independent" report prepared by Clayton Utz for AMP, which was the subject of heavy scrutiny by the royal commission earlier this year.

The commission in April heard Clayton Utz provided 25 drafts of the report to AMP, and on Monday AMP's spokeswoman said it had been "voluntarily" provided to ASIC in October last year as part of an investigation into the charging of fees for financial advice that was not provided.

ASIC is seeking notes from interviews the law firm conducted with current and former AMP staff, and it is understood these notes relate to the independent report.

"Interviews with current and former AMP employees were conducted by Clayton Utz on a privileged and confidential basis. Accordingly, the file notes of the interviews are properly subject to a claim by AMP for legal professional privilege," AMP said.

"ASIC is challenging that privilege claim, and has filed proceeding in the Federal Court seeking inspection of the file notes. AMP is considering ASIC’s application, which comes before the court for initial directions in February," the spokeswoman said.

ASIC said it was seeking a declaration that the documents were not subject to legal professional privilege, or that AMP had waived its privilege.

Clayton Utz said it would abide by any order the court makes.

ASIC's rolling investigation into AMP's fees-for-no-service scandal, which helped trigger a year of turmoil for the wealth manager, has also focused on misleading statements made to the watchdog.

AMP executive Anthony "Jack" Regan, who AMP said this month was retiring, in April admitted AMP had misled the corporate regulator at least 20 times, but AMP later said there were seven misrepresentations to ASIC.