With the emergence of more evidence of misconduct by Australia’s leading financial institutions, financial sector executives responsible for the extensive violation of corporate law could face imprisonment, advised the country’s Treasurer Scott Morrison today, reported Reuters.
AMP Ltd, which is the country’s leading wealth manager, confessed yesterday that for almost 10 years it was falsely charging thousands of its consumers for services that they never provided and its employees had been faking to the corporate regulator to hide this activity. AMP staffs have also admitted that its users have paid advice fees for online services even though they did not receive the required legal permission.
Morrison told media: “What has occurred here and what has been admitted to in the Royal Commission by AMP is deeply disturbing. This type of behavior can attract penalties which include jail time. That is how serious these things are.”