Australia’s AMP back in inquiry hot seat as pension transfers challenged
The disclosures are the latest blow to the once-venerable firm which could face criminal charges over misconduct earlier uncovered by the inquiry. AMP has lost almost 30 percent of its market value since the inquiry began in February.
Richard Allert, chairman of AMP Super, which by law must manage retirement savings in the best interests of customers, said under questioning that he was surprised to see internal company documents tabled at the inquiry saying the transfers were not legally documented.
Michael Hodge, a barrister assisting the commission, asked Allert whether as chairman of the trustee it “seems strange” that such payments would have been made “without any documented arrangement”.
“I understood that those arrangements were documented,” Allert replied.
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