May 4, 2018 / 12:54 AM / in a year

Australia's AMP dispute Royal Commission finding of criminal offence

May 4 (Reuters) - AMP Ltd, Australia’s largest wealth manager, said on Friday it disagreed with a finding by lawyers assisting an inquiry into banking misconduct that it had committed a criminal offence in providing a report to the regulator.

The report by law firm Clayton Utz has been at the centre of allegations of misconduct by AMP, with evidence provided to the so-called Royal Commission that senior executives modified the report before submitting it to the Australian Securities and Investments Commission.

Their intention was to limit the report’s findings about the involvement of AMP’s senior executives in misappropriating customer fees, the inquiry heard. Counsel assisting the commission said last week that, in doing so, AMP had breached provisions of the Corporations Act that carry criminal sanctions. (Reporting By Rushil Dutta in Bengaluru Editing by Jane Wardell and Paul Tait)

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