The assignment questions are concerned with AMP Bank Limited

| March 17, 2019


The assignment questions are concerned with AMP Bank Limited (ASX Code: AMP) which is a financial institution based in Australia that offers deposits, residential mortgage and self-managed superannuation fund products and also offers financial loans and banking services to individuals. AMP Bank Limited is headquartered in Parramatta, Australia and is a subsidiary of the AMP Financial Investment Group Holdings Limited. (AFS Directory). AMP Ltd is Australia’s largest retail and corporate superannuation service provider and runs the largest life risk business in the whole of Australia. Revelations that relate to AMP of systemic misconduct surfaced during the Royal Commission hearings into misconduct in the banking, superannuation and financial services industry in April 2018 included: 
 
a) Unlawfully deducting service fees from deceased customers’ accounts  since 2009 (including the practice of charging clients for financial service AMP did not deliver 
 
b) Providing inappropriate financial planning advice to customers 
 
c) Making repeated misrepresentations and misleading the corporate regulator ASIC (Australian Securities and Insurance Commission) 
 
d) Misconduct in in financial planning 
 
e) Interfering with the purportedly independent report for ASIC (delivered after around 700 emails and 25 drafts) by law firm Clayton Utz 
 
f) Breaching the Corporations Act

Following video gives you a background of what happened at AMP in April 2018

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