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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ongoing NSW lockdown, the ins and outs of the COVID-19 Disaster Payments, and how Brisbane’s successful Olympics bid could impact equities and property.

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Steve Waters, director of Right Property Group, chats about the impact of the lockdowns on the property market, what the 2032 Olympics could mean for Brisbane’s market, and whether APRA might need to pull the handbrake to cool house price growth.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into how the Olympics and other major events affect stock returns and what the implications are for investors.

And lastly, tax and super guru Timothy Munro talks about the near-record super returns, the COVID-19 Disaster Payments and what they mean for your super.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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From financing a credit card debt to deciding on a home loan, Nest Egg’s got your back! " ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["page_heading"]=> string(66) "Borrow Money - Your Guide to Loans and Credit Management | nestegg" ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2021-07-27 06:38:13" ["slug"]=> string(94) "17126:the-olympic-effect-on-property-and-equity-investors-covid-19-disaster-payments-and-super" ["catslug"]=> string(11) "302:podcast" ["link"]=> string(107) "/resources/podcast/the-olympic-effect-on-property-and-equity-investors-covid-19-disaster-payments-and-super" ["image"]=> string(65) "images/podcasts/090321_Angel_Zhong_Steve_Waters_Timothy_Munro.jpg" ["image_alt"]=> string(0) "" } }

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ASIC drops criminal charges against AMP

By Cameron Micallef

July 16 2021
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Borrow

ASIC drops criminal charges against AMP

By Cameron Micallef
July 16 2021

The corporate watchdog has announced it has finalised an investigation into the alleged fees-for-no-service conducted by AMP’s financial planning, as part of the royal commission into the banking sector.

ASIC drops criminal charges against AMP

By Cameron Micallef

July 16 2021
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On Friday, 16 July, the corporate regulator confirmed that, following consultation with the CDPP, no charges should be brought for the conduct, which saw customers without a financial adviser continue to be charged fees for financial advice.

ASIC’s investigation related to suspected criminal conduct regarding the charging of fees for no service in relation to the buyers of last resort (BOLR) Policy in breach of section 1041G (prohibition on dishonest conduct) of the Corporations Act 2001.

ASIC also investigated AMP for breaches of section 1308(2) (prohibition on making misleading statements) of the Corporations Act in relation to this conduct.

The investigation commenced in April 2019, while two briefs of evidence were brought to the CDPP’s attention mid last year.

ASIC has filed these two briefs of evidence with the CDPP, indicating they believe they have a strong case against AMP, should the fight go to the courts.

“ASIC’s investigations into other allegations of fees for no service conduct within the AMP Limited group are continuing,” a statement released by ASIC reads.

“The CDPP has now determined, on the basis of the available evidence and weighing the relevant public interest factors, that no charges should be brought for that conduct.”

AMP has repaid more than $153 million to customers in relation to fees-for-no-service conduct in recent years.

In a brief statement to the ASX, AMP said it welcomes the confirmation from ASIC that it will take no action in relation to either the processes or reporting of the historical fees-for-no-service conduct associated with AMP’s BOLR arrangement.

AMP’s group general counsel David Cullen said AMP acknowledges the deficiencies in the historic system and prices with the advised business to monitor ongoing fees in relation to BOLR.

“In 2018, the business completed the implementation of enhanced systems and controls to improve monitoring and reporting and to protect against recurrence,” Mr Cullen told the market.

“We applied to all affected clients and confirmed the remediation was also completed in full in 2018.

“With today’s confirmation that no action will be taken, we are pleased to have closure on the matter.”

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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