Money 'That's not really how it works': AMP's royal commission shambles
AMP denies it 'traps' investors in poorly performing funds
The royal commission also hears that AMP charges companies that want their funds on AMP's investment platforms a $25,000 a month administration fee. The wealth management industry has been racked with rumours that investment managers like AMP and the wealth arms of the big four banks receive fees from other investment houses for including funds, including low performing funds, on their platforms.AMP faced its third day of questioning at the banking royal commission on Wednesday after a bruising session the day earlier where the wealth manager admitted it had misled the corporate watchdog on at least 20 occasions.
AMP has stumbled its way through a shambolic first examination at the banking royal commission after the wealth manager admitted senior staff ignored legal advice that the charging of customers for services they did not receive was unlawful.
The royal commission also heard on Monday that AMP’s financial planning arm was riddled with misconduct and that the group’s financial planning arm had identified more than 500 planners who had committed fraud, were dishonest or incompetent.
I CHARGE DEAD PEOPLE: Royal Commission hears CBA planners billed dead clients for 'advice', including one for a decade after they died
A New South Wales-based Commonwealth Bank adviser charged a client who died in 2004 for financial advice for more than a decade following her death, the Financial Services Royal Commission has heard. The planner worked for the Commonwealth subsidiary Count Financial and the fees continued until 2015, even though he knew his client was dead.An internal CBA report from December 2015, titled Count Risk & Compliance Forum, was handed to the royal commission today, detailing how several financial advisers charged customers for services they didn't receive, including instances of charging dead people for advice.
AMP also admitted it made 10 false statements to the Australian Securities and Investments Commission and that its scheme to provide a retirement plan for external advisers was designed to incentivise the sale of AMP’s products over those of other banks.
The wealth manager is the first case study for the banking royal commission's second round of hearings into financial advice. Representatives from the Commonwealth Bank, National Australia Bank, Westpac and ANZ Bank will all also be called to give evidence over the next two weeks.
AMP’s day lurched from bad to worse when its head of advice and New Zealand, Jack Regan, was forced to admit that he did not know what he was apologising for when he made an apology for regulatory breaches in his witness statement.
AMP boss Craig Meller steps down, company apologises after scandals revealed at banking royal commission
<p>AMP's chief executive officer Craig Meller has quit his job with immediate effect after a series of scandals were revealed at the banking royal commission.</p>AMP's chief executive officer Craig Meller has quit his job with immediate effect after a series of scandals were revealed at the banking royal commission.
During an excruciating exchange with counsel assisting Michael Hodge, QC, Mr Regan said at various points that the apology related to AMP making misleading statements to ASIC or the breaching the wealth manager’s financial services licence or the Corporations Act.
However, AMP had made no such admissions in its submission to the royal commission.
When asked for the last time by Mr Hodge what breaches the apology referred to, Mr Regan said: “I’ll have to take that on notice”.
Mr Hodge replied: “I’m afraid that’s not really how it works. Is the answer just that you don’t know?”
Mr Regan responded after a long pause: “Yes, I am uncertain."
Mr Regan moved into the role of head of advice at AMP in early 2017 and immediately instigated a review of the company’s administration of its buyer of last resort scheme after he noticed that customers were being charged fees for services they did not receive.
Govt should say it got banks wrong: Joyce
Barnaby Joyce thinks federal government MPs should admit they got it wrong when they argued against a royal commission into the banking sector.Mr Joyce says the revelations in the royal commission have been "beyond the pale" and he concedes a probe should have been held sooner.
Under the arrangement, known by its acronym BOLR, AMP is the buyer of last resort if an adviser wants to retire. The clients are then placed
Between 2012 and 2017 AMP was charging these customers fees for services they did not receive.
Mr Regan admitted that up until June 2017, BOLR incentivised external planners within its network to sell customers products from AMP’s in-house platforms over those of other platforms.
The royal commission heard that AMP had legal advice since before 2012 that it was unlawful to charge fees to its BOLR clients because they were not providing any service.
Mr Regan told the royal commission a review of AMP’s processes found that staff had approved the ongoing charging of fees against legal advice.
The royal commission also heard that 81 financial advisers within AMP since 2009 had potential serious compliance concerns, while another 440 had lower level compliance issues over the same period.
Bank royal commission waited on reform: PM
Malcolm Turnbull says he didn't hold a banking royal commission two years ago because he wanted to ensure reforms such as penalties were in place first.The prime minister originally strongly rejected the need for the investigation into Australia's financial service sector before eventually relenting when Nationals MPs threatened to cross the floor.
In 2016 alone, 18 financial planners within AMP’s networks faced compulsory examinations from the corporate watchdog and AMP received 85 notices to produce documents during that same year.
NAB planners falsifying forms a 'social norm' .
Thousands of customers were affected by false signatures as senior executives complained about having bonuses cut.Thousands of National Australia Bank customers have had their planner falsify documents relating to their finances, a senior executive has told the banking royal commission, admitting that the practice was a "social norm" within the bank.
Rees Howells - Intercessor - The Bible College of Wales
Rees Howells was a miner in Wales in the late 1800's who went on to discover the reality of Christ in his own life. In 1910, he married. He and his wife felt the call of God to serve as missionar...
Book 3 - Chapter 12 - Scaramouche by Rafael Sabatini - The Overwhelming Reason
A Romance of the French Revolution - Book 3: The Sword, Chapter 12: The Overwhelming Reason. Classic Literature VideoBook with synchronized text, interactive transcript, and closed captions...