AMP Financial Planning is the second major Australian financial institution facing federal court proceedings after the regulator said it failed to protect clients from advisers improperly rewriting client policies.
Woodbrook Group hires an industry veteran to manage its Spain operations, AMP’s chief risk officer for its advice division resigns and Arlo Associates appoints a tech entrepreneur to chair its board.
AMP will have the dubious honour of becoming the first Australian firm to simultaneously face five class actions if three more law firms made good on plans to sue the embattled insurance company.
After a bruising appearance at Australia’s Royal Commission, AMP has been served with two class action proceedings, while the firm’s interim chief executive offers a mea culpa and shareholders reject pay proposals.
BMO appoints intermediary sales head for Austria/Germany, Hermes boosts its fixed income team and embattled AMP board members step down in “renewal”.
Old Mutual Wealth appoints an industry veteran to its specialist pensions team, the Phoenix Group chairman announces his retirement and embattled AMP appoints an executive chairman.
The second week of Australia’s Royal Commission into financial advice was not a let-down after a jaw-dropping first week. Click through the slides below to see what happened…
It’s squeaky bum time for senior executives as Australia’s banking, superannuation and financial advice firms face the intense scrutiny of a Royal Commission. Click through the slides below to read some of the incredible moments from the first week of the review into financial advice.
SJP adds two partners in Hong Kong including former Coutts discretionary management head, AMP chief brings forward resignation over lies to regulator and Arbuthnot Latham chief executive steps down unexpectedly.
Australian treasurer Scott Morrison says revelations financial services giant AMP intentionally and repeatedly misled the regulator over advice fees charged to its own customers could result in “jail time”, a sentiment echoed by the regulator.
The group executive of advice at financial services giant AMP has admitted the firm intentionally misled Australia’s regulator over fees, as the Royal Commission into banking, superannuation and financial services targets financial advice.
Australia’s five largest banking and financial services institutions have paid a further A$21.4m in compensation to customers who suffered losses because of “non-compliant conduct” by financial advisers, taking the total to A$51.4m (£29m, $41m, €33m). More claims are expected.
