ASIC has today commenced proceedings in the Federal Court of Australia against two entities in NAB’s wealth management division, NULIS Nominees (Australia) Limited (NULIS) and MLC Nominees Pty Ltd (MLC Nominees). Provision has been made for the parties to file any further evidence with the Court and for submissions on liability and penalty. NAB also deducted approximately $67m Plan Service Fees from 300,000 members of MLC MasterKey Personal Super where Plan Advisers were not required to provide services and members did not receive services (or any services they could not otherwise obtain for free). The court proceedings relate to fees charged by both entities to a significant number of their superannuation members for services not provided. ‘Scandal’ if axed AMP top-end receive golden handshakes: Shorten, The AMP building in Sydney. Everything you need to know about the areas we regulate. The hearing held on 16 March 2020 was adjourned to 31 March 2020. AMP has denied claims it may have committed a criminal offence by misleading regulators about its “fee for no service” scandal. She said AMP and its advice businesses misled ASIC 20 times about the nature and extent of its fees-for-no-service practice. AMP on Friday said while its misrepresentation to ASIC is “plainly unacceptable”, there were only seven misrepresentations, not 20. “Irrespective of Mr Salter’s involvement ... there is no evidence before the royal commission that Mr Salter made any changes that Clayton Utz did not agree with, or that Clayton Utz does not stand behind the report,” AMP said. The statement sets out facts which the parties have agreed are not, for the purposes of the proceeding, to be disputed. How ASIC regulates financial services and products and what to do when you have a problem with your finances. 2 0 obj Please note the date of issue and use the internal search function on the site to check for other media releases on the same or related matters. 1 0 obj Responding to the banking royal commission on Friday, AMP said it “can only have been of assistance” to ASIC by providing the regulator with a report on the fees scandal prepared by law firm Clayton Utz. The matter is listed for a further Case Management Hearing in the Federal Court at 9.30am on 3 May 2019. Making a No Win No Fee compensation claim with Thompsons will not cost you a penny in the unlikely event your claim is unsuccessful. On 17 December 2018, the Court made orders setting a further timetable to advance the proceedings including for the filing of the parties’ evidence and for the parties to engage in mediation. For AMP there are a number of aspects to the issue: • fees charged by advisers without the provision of service The matter has been listed for further case management hearing on 10 September 2019 in the Federal Court, Sydney. Small business resources in other languages, Professional standards for financial advisers, Appointing and ceasing an AFS authorised representative, Applying for and managing your credit licence, Varying or cancelling your credit licence, Tips for applying for auditor registration, Applying for auditor or authorised audit company registration, Your ongoing obligations as a registered company auditor, Changing your auditor registration details, Self-managed superannuation fund (SMSF) auditors, Updating your details and submitting requests to ASIC, Your ongoing obligations as an SMSF auditor, Applying for and managing your liquidator registration, Your ongoing obligations as a registered liquidator, Changing or cancelling your liquidator registration, Registered liquidator transactions on the ASIC Regulatory Portal, Licensed and exempt clearing and settlement facilities, COVID-19 information – Managed investment schemes, Competition in the funds management industry, Superannuation guidance, relief and legislative instruments, Insolvency for investors and shareholders, Director oversight of financials and audit, Corporate actions involving share capital, Changes to how you lodge fundraising and corporate finance documents.

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