ASIC challenges AMP and Clayton Utz over failure to produce documents

17 December 2018, Written by Business News Australia

ASIC challenges AMP and Clayton Utz over failure to produce documents

As part of its investigation into AMP for charging 'fees for no service' (FFNS), the Australian Securities and Investments Commission (ASIC) has called on the financial services firm and Clayton Utz to provide certain documents it claims have been withheld.

ASIC has applied to the Federal Court of Australia for an order that would compell both entities to provide the documents concerned.

"ASIC is conducting an ongoing investigation into AMP Group for fees for no service (FFNS) conduct and related false or misleading statements to ASIC," the regulator said in an announcement today.

"This relates to circumstances where customers were charged ongoing service fees without having been provided the services to which they were entitled."

ASIC issued a notice to Clayton Utz asking it to provide the documents in October, but it claims the accountancy declined to provide them on the basis they are "subject to a claim of legal professional privilege (LPP) by AMP Limited".

As part of the order it seeks, ASIC would like the Federal Court to declare the documents are not subject to LPP or that the LPP has been waived by AMP.

ASIC's application has been listed for a first case management hearing in the Federal Court in Melbourne on 8 February 2019.

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Business News Australia

Author: Business News Australia





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