01/04/2003 - 22:00

AMP compromise

01/04/2003 - 22:00

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AMP compromise

THE Australian Securities and Investment Commission has called off its investigations into AMP Limited after the insurance company agreed to contribute $100,000 to a training program in relation to continuous disclosure obligations.

ASIC had been investigating announcements made by AMP to the market between July and September 2002.

ASIC said the settlement was reached without admissions from AMP, and ASIC’s proceedings had been dismissed by consent.

“The new chairman and CEO of AMP have expressed regret over last year’s events,” ASIC chairman David Knott said. “Both ASIC and AMP agree that if a fining regime had been in place then a fine of $100,000 would have been appropriate.”

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