May 4, 2018 / 12:44 AM / 7 months ago

BRIEF-AMP Makes Submission To Royal Commission

May 4 (Reuters) - AMP Ltd:

* AMP SUBMISSION TO ROYAL COMMISSION

* “WE HAVE TAKEN RESPONSIBILITY FOR ISSUES AND CONTINUE TO TAKE EXTENSIVE ACTION TO FIX THEM”

* REAFFIRMS & REITERATES OUR UNRESERVED APOLOGY FOR FAILINGS IN RESPECT OF ADVICE AND SERVICE DELIVERY TO OUR CUSTOMERS

* LODGED A SUBMISSION ADDRESSING EVIDENCE RECEIVED BY ROYAL COMMISSION IN ITS HEARINGS INTO FINANCIAL ADVICE IN RELATION TO FEES FOR NO SERVICE

* AMP ACCEPTS FURTHER BOARD RENEWAL IS NECESSARY AND IS COMMITTED TO A MEASURED PROGRAM OF CHANGE

* FEES FOR NO SERVICE ISSUES RAISED IN ROYAL COMMISSION HAVE BEEN SUBJECT OF ONGOING ASIC INVESTIGATION SINCE 2015

* TO DATE, FOR BROADER LICENSEE FEES FOR NO SERVICE ISSUE, WE HAVE REMEDIATED 15,712 CUSTOMERS, A TOTAL OF $4.7 MILLION

* COMMITTED TO FASTRACKING SELECTION OF A CHAIRMAN AND APPOINTMENT OF A NEW NON- EXECUTIVE DIRECTOR

* “ACKNOWLEDGES PROCESS HAS BEEN TOO SLOW AND IS COMMITTING ADDITIONAL RESOURCES AND EXPLORING NEW WAYS TO ACCELERATE THIS PROCESS”

* “DENIES ALLEGATION BY COUNSEL ASSISTING THAT IT IS OPEN TO FIND THAT AMP HAS COMMITTED A CRIMINAL OFFENCE IN PROVIDING CLAYTON UTZ REPORT TO ASIC”

* WORKPLACE INVESTIGATION COMMISSIONED BY BOARD REMAINS ONGOING & WILL BE USED TO DETERMINE ANY DISCIPLINARY CONSEQUENCES FOR INDIVIDUALS INVOLVED Source text for Eikon: Further company coverage:

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