AMP slapped with extra conditions by Australian regulator

Pedro Gonçalves
clock • 2 min read

Australia's  largest listed wealth manager, AMP , will be subjected to additional regulator-imposed conditions when managing investment portfolios for clients, ASIC has revealed. The corporate regulator said managed discretionary accounts are particularly risky for retail clients because the adviser can make ongoing investment decisions on the clients' behalf, without seeking the clients' approval. ASIC did not specify what those additional conditions were but said they were part of an effort to improve the conduct and compliance standards of the industry, adding that the decision was...

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