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AMP's chairwoman Catherine Brennar has resigned and the firm's general counsel has left, as the company faces possible criminal charges for misleading the corporate regulator over its decade-long practice of charging undue fees to clients.
AMP could be hit with criminal charges after counsel assisting the Royal Commissioner said Friday evidence before the commission had shown the wealth management firm may have broken the law when it charged fees for no service, lied about the practice to ASIC, and presented a heavily-edited Clayton Utz report to the corporate regulator as independent.
The former directors of defunct financial advisory firm Storm Financial have filed an appeal after the Federal Court slapped them each with a $70,000 fine and banned them from managing corporations for seven years.
Clayton Utz's public statements referencing its terms of engagement with AMP in drafting an independent report are irrelevant if it knew the document was destined for the corporate regulator, legal experts say, and transcripts from the Royal Commission suggest the law firm did know.
Business litigation firm Quinn Emanuel Urquhart & Sullivan is examining a possible shareholder class action against AMP after the Royal Commission exposed damning revelations concerning the financial giant.
Facing demands for answers and a call to be suspended from government contract work, Clayton Utz has finally spoken out over its role in the scandal embroiling AMP.
Banks face increased fines for corporate wrongdoing under reforms that also boost the powers of the watchdog amid stunning admissions by financial services firms at the Banking Royal Commission.
AMP's chief executive Craig Meller has resigned after this week's shocking revelations that the company misled ASIC over fees charged to customers and may have influenced a Clayton Utz report to the securities regulator.
The ACCC has delayed it decision on MYOB’s proposed bid for Reckon’s accounting unit while it waits for information, after the regulator raised concerns about how the merger would affect competition in the accounting software market.
A judge has signed off on a $19.25 million settlement in a shareholder class action brought against directors of defunct laser technology company Arasor International Ltd and partners in auditing firm Grant Thornton South Australia, but cut the legal fees of Squire Patton Boggs and Piper Alderman by $250,000.