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Joe Longo's curtsy to the COVID recovery afr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from afr.com Daily Mail and Mail on Sunday newspapers.
Up to 2,000,000 'unassigned' clients after bank exits: CoreData professionalplanner.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from professionalplanner.com.au Daily Mail and Mail on Sunday newspapers.
Millions wasted, reputations damaged Three years after the royal commission explored the fees-for-no-service scandal, ASIC has dropped the criminal probe into AMP on advice from the DPP. Catherine Brenner says a more pragmatic approach from ASIC could lead to “better outcomes for consumers and the market”.
Peter Braig Updated Save Share Last Friday, as residents of Greater Sydney pondered just how much longer its three-week lockdown needed to drag on, the corporate cop announced a criminal investigation into the conduct of financial services giant AMP had been dropped, with no further action taken. News that AMP was off the hook and would not face criminal charges in relation to charging financial advice fees to customers who didn’t receive any, received little more than a collective shrug from the public, preoccupied with the return of the worst parts of the pandemic. ....
Share When Greg Medcraft left Australia in November 2017, the then prime minister Malcolm Turnbull hadn’t yet called the banking royal commission. As the nation’s major lenders and regulators faced the excoriating inquiry and its fallout, the former Australian Securities and Investments Commission chairman was far away, ensconced at the Organisation for Economic Co-operation and Development in Paris. As leader of the OECD’s financial services directorate for the past three-and-a-half years, Medcraft made digital finance policy his key priority. As banks and ASIC were forced to fix their cultures after shocking revelations at the commission, Medcraft was busy advising global governments and central banks on the technological disruption that blockchain is set to unleash. ....