AMP ESCAPES CHARGES

THE corporate regulator has ended an investigation into alleged fees-for-no-service conduct by AMP in relation to its buyer of last resort (BOLR) policy, after the Commonwealth Director of Public Prosecutions determined no criminal charges should be laid.

The Australian Securities and Investment Commission began an investigation in 2020 after revelations in the banking royal commission.

Despite ASIC taking two briefs to the CDPP, prosecutors determined no action should be taken, although other ongoing investigations into fees for no service conduct at AMP are continuing.

AMP group counsel David Cullen said the business was pleased to have closure on the matter.

ASIC said it continued to pursue other investigations to ensure customers were remediated.