[BITList] How about this one?

[John Feltham]

Catherine Brenner...

Catherine Brenner, the chairwoman of AMP, and member of the corporate governance committee of the Australian Institute of Company Directors



For now, here's just some examples of where you — the customer — stand in the multi-billion-dollar world of financial planning and wealth management. 

AMP was aware it had been charging customers "fee for no service" — money they weren't entitled to. Catherine Brenner, the chairwoman of AMP, jumped in to make changes to an apparently independent report by law firm Clayton Utz that was being prepared to give to the regulator and she asked for the chief executive's name to be taken out of it.

The email, reflecting her intention, said this: "Include a statement to the effect that [chief executive] Craig Meller was unaware of the practices or their illegality."

Think about that. 

The chairwoman of a $12 billion company appearing to meddle in a report it would shop to the corporate watchdog as being an independent review of the scandal.

It gets worse: she's helping to write the rules. Ms Brenner is a member of the corporate governance committee of the Australian Institute of Company Directors.


Will she go to jail?

I bet that she won’t.

Should she?

Yes.

An internal AMP report said letting customers know they were paying junk fees could lead to calls for compensation and problems with the regulator. Taking the money was okay, but informing punters, "would be a very negative customer experience".

Even after fessing up to the regulator in the independent report, even after they'd paid back the money, AMP couldn't stop lying to their customers. A script for use in call centres showed workers were told to tell customers — asking about the refunded fees appearing in their accounts — that it was an "administrative error". It wasn't.


https://www.theguardian.com/business/grogonomics/2018/apr/20/what-happened-this-week-is-not-a-shock-it-is-capitalism-as-intended?

And the LNP said many times - there no need for a RC.

Who is worse in this matter?

The Banks etc.. Or the Government of Australia?

Sent from my iPad
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