Australia's banking watchdog on Friday said it had imposed stricter licensi...
SYDNEY - Australia’s banking watchdog on Friday said it had imposed stricter licensing conditions on AMP Ltd’s pension fund units following concerns regarding its compliance with superannuation laws, sending its shares down more than 4%.
The move comes as the country’s largest listed wealth manager works to rebuild its brand after revelations of serious wrongdoing at an inquiry into the financial sector last year, including the charging of fees for services not rendered. Areas APRA said required attention included conflicts of interest, governance, risk management practices, remediation processes and accountability mechanisms.
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