ASIC fine AMP over $500,000 AUD for misreporting AISC transactions

March 17, 2020

AMP Life Limited (AMP Life) has paid a penalty of $275,500 and AMP Capital Investors Limited (AMP Capital) has paid a penalty of $250,500 to comply with infringement notices issued by ASIC.

Specifically, ASIC has reasonable grounds to believe that between 31 August 2015 and 26 February 2018, AMP Life failed to:

  • report information about 940 transactions on 113 separate business days;
  • correctly report collateral information about 9,224 transactions on 388 separate business days; and
  • take all reasonable steps to ensure that BNP Paribas Fund Services Australasia Pty Ltd (BNP), on behalf of AMP Life, was reporting information that was complete, accurate and current.

ASIC also has reasonable grounds to believe that between 31 March 2016 and 28 September 2018, AMP Capital failed to:

  • report information about 140 transactions on 34 separate business days;
  • correctly report collateral information about 9,999 transactions on 417 separate business days; and
  • take all reasonable steps to ensure that BNP, on behalf of AMP Capital, was reporting information that was complete, accurate and current.