Published: February 05, 2020
Federal court ridicules company’s defence of just one ‘bad apple’, saying financial services group was ‘the right place’ for greed
A federal court judge has blasted troubled financial services group AMP for allowing its commission-hungry financial advisers to systematically rip off clients, ridiculing the company’s defence that there was just one “bad apple” and fining it $5.175m.
In a judgment handed down on Wednesday, Justice Michael Lee found AMP was “the right place” for greed and said it was arguable the penalty – which was more than Australian Securities and Investments Commission (Asic) asked for – was “an inadequate reflection of the seriousness of the conduct” exposed in the case, but the law limited the fine he could impose.
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