AMP Australia will cost over $ 852 million in development, and # 39; informing the Chief Executive


Le Paulina Duran

SYDNEY (Reuters) – Australia's biggest financing manager, AMP Ltd , he told an investigation on Tuesday that he would expect to spend £ 1.18 billion (666.92 million pounds / $ 852.60 million) to get customers who have had bad advice or have been convicted of any service.

AMP interim Chief Executive, Michael Wilkins, said that the Royal Commission's powerful research on the financial sector's misconduct was that the problem with the previous $ 290 million was set aside -members due to accounting regulations.


The company has been clarified with information on broad misconduct, which includes paying its customers without being able to; Providing service and board-level consultants to deceive a ruler about the practice.

The former director Wilkins came instead of the Chief Executive and former chairman after the investigation showed that they said they were involved in fraudulent rulers.

He said there was a danger that a broad survey of over 217,000 user files could find further problems.

In July, AMP told investors that he had put $ 290 million inside to pay customers for poor advice and was expected to cost $ 50 million in each of Over the next three years, we have reviewed tax and advice across its network of financial advisers, the largest in the country.

A solicitor asked her & # 39; assisting the research at least AMP was in danger of getting more issues for non-service charges, Wilkins replied "yes".

The Sydney-based company has lost more than half of its market value since the February research started, hit by consumers; leaving and worrying that revisions that came from the investigation could threaten their business model, like to # 39; removing its advice and product performance units.

It is anticipated that the final report of the forthcoming inquiry in February 2019 will give a more profound and potential regulation; protesting allegations.

National Bank of Australia Ltd. First, Chairman Ken Henry told the investigation that it was difficult that the board failed to take a step after the three-year lender agreed to reimburse for thousands of fund investors pensioners who have paid tax for advice they have never received.

The research continues with the last week of the # 39; public hearings with AMP & Wilkins return to their & # 39; Wednesday morning party. It is expected to be followed by a certificate from Shayne Elliott, the head of the third largest loan lender in Australia, the Australian Banking Association and New Zealand South Westerly

(Reciting Paulina Duran; Editing by Stephen Coates)

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