AMP facing ‘between 5 and 50’ ASIC legal/regulatory issues
The Australian Securities and Investments Commission (ASIC) has confirmed that AMP Limited is facing multiple legal/regulatory issues, some of them stemming from the Royal Commission.
According to ASIC deputy chair, Matthew Crennan QC, AMP is facing at least five legal issues initiated by the regulator and probably more.
Answering questions during a hearing of the House of Representatives Standing Committee on Economic, Crennan declined to specify the exact number of legal issues but said that it was a “significant number”.
Pressed by the committee’s deputy chairman, ACT Labor member, Andrew Leigh, Crennan said that it was more than five issues and less than 50.
Crennan signalled that at least some of those issues may become public in the next few months.
Money Management sought comment from AMP Limited on the issue, but the company declined to formally respond to the issues raised.
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