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Corporate regulator ASIC has launched a legal action against AMP in order to compel the embattled wealth giant to hand over documents related to its fees-for-no-service scandal.
ASIC said certain documents relating to its ongoing investigation into AMP’s fees-for-no-service conduct and related false or misleading statements to the regulator have been withheld by law firm Clayton Utz on the basis that they are subject to a claim of legal professional privilege (LLP) by AMP.
ASIC is seeking from the Federal Court of Australia a declaration that the documents are not subject to LPP, or alternatively, that LPP has been waived by AMP, an order requiring Clayton Utz to produce the documents to ASIC, and ancillary orders.
The Federal Court will hear the ASIC application in Melbourne on Feb. 8.
