Government releases further royal commission legislation smsfadviser.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from smsfadviser.com Daily Mail and Mail on Sunday newspapers.
Government releases new royal commission bills By Sarah Kendell 16 July 2021
Following pressure to complete its legislative response to the royal commission, Treasury will consult on a number of new bills addressing recommendations of the inquiry.
In a joint statement, Treasurer Josh Frydenberg and financial services minister Jane Hume said the new legislation released by the government would implement a further seven recommendations of the royal commission, including the establishment of a compensation scheme of last resort.
The CSLR laws were originally slated for release in December last year but were pushed back to June this year due to the COVID crisis, to the disappointment of consumer advocacy groups.
ASIC Ends Criminal Case Against AMP
Financial services group AMP will not face criminal prosecution three years after a banking royal commission found it had charged fees to thousands of dead customers.
The inquiry’s barristers had recommended Australia’s largest wealth manager face criminal charges for lying to the Australian Securities and Investments Commission about the conduct.
But the corporate regulator on Friday said it had ended its investigation into the fees-for-no-service issue.
ASIC had gone to the Commonwealth Director of Public Prosecutions, presenting two briefs of evidence in mid-2020, with a view to criminal charges being laid.
“The CDPP has now determined, on the basis of the available evidence and weighing the relevant public interest factors, that no charges should be brought for that conduct,” ASIC said.
ASIC said it had been conducting investigations into fees-for-no service conduct by entities within the AMP Limited group, including the BOLR policy conduct which resulted in two briefs of evidence being referred to the CDPP in mid-2020. ASIC’s investigations into other allegations of fees for no service conduct within the AMP Limited group are continuing.
“The CDPP has now determined, on the basis of the available evidence and weighing the relevant public interest factors, that no charges should be brought for that conduct,” ASIC said.
“ASIC has conducted a number of investigations into alleged civil contraventions by entities within the AMP Limited group.
ASIC Finalises Investigation Into AMP Financial Planning Fees For No Service Criminal Conduct mondovisione.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mondovisione.com Daily Mail and Mail on Sunday newspapers.