ASIC has today commenced proceedings in the Federal Court against AMP Financial Planning (AMPFP) in relation to historic conduct by advisers who engaged in the practice of replacing, or ‘rewriting’, life insurance policies of clients.
AMP has been co-operating with an ASIC investigation of the matter, which commenced in 2014. AMP will carefully consider ASIC’s pleadings and file its defence in due course. In the meantime, we will work with ASIC to agree a timetable for the progress of the proceedings.
ASIC’s pleadings in particular identify the conduct of a former AMPFP adviser, Rommel Panganiban, who engaged in insurance rewriting.
AMPFP removed Mr Panganiban’s authorisation in 2014 and reported his conduct to ASIC. Mr Panganiban was subsequently banned by ASIC in 2016.
AMP is apologising to the customers impacted by Mr Panganiban’s actions and they are currently being compensated.
We have continued to enhance our monitoring and supervision activities to monitor the writing of new insurance policies.