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This Week in Penalties...12 July -16 July

Friday 16 July 2021
 







The Australian Securities and Investments Commission (ASIC) has concluded its investigations into it what it says is suspected criminal conduct by AMP in regard to ‘fees-for-no -service’.

“ASIC has been conducting investigations into fees for no service conduct by entities within the AMP Limited group, including the BOLR Policy conduct which resulted in two briefs of evidence being referred to the CDPP in mid-2020. ASIC’s investigations into other allegations of fees for no service conduct within the AMP Limited group are continuing,” ASIC said in a formal statement this week. 

The Commonwealth Director of Public Prosecutions (CDPP) has determined form the available evidence that ‘no charges should be brought for that conduct’. 

 



 
Former director of four companies Peter Pennimpede has been banned from managing companies for four years. 





 
Former director Wael Kourieh has pled guilty for one count of providing false documentation to the Australian Securities and Investments Commission (ASIC).





 
OnePath is remediating over $35 million to 400 000 customers who were sold life insurance between 2010 and 2016. 

The Australian Securities and Investments Commission (ASIC) Deputy Chair Karen Chester said in formal statement this week, “For over three years now, ASIC has pursued enforcement, regulatory and remediation action to tackle misconduct and stem consumer harm in the direct life insurance market. ASIC has delivered deterrence through court action, disruption and improvement in sales practices and delivered compensation to tens of thousands of consumers who have suffered harm. Better industry practice and improved consumer outcomes followed ASIC’s deep dive review of direct sales of life insurance in 2018 and three years of concerted regulatory action. Notably, the deep dive review also informed the evidence base for several Hayne Royal Commission misconduct case studies. Our review uncovered egregious sales practices, with tens of thousands of consumers paying for products they did not want, did not need, or were not suitable for them.”