MENU

ASIC flags deeper investigation into AMP Limited

The Australian Financial Review is reporting that corporate regulator ASIC is set to ramp up its investigation into fallen financial services giant AMP Limited (ASX: AMP). According to the paper the focus of ASIC’s investigation is AMP’s past practice of charging fees-for-no-service to clients.

Apparently an ASIC commissioner has been testifying before parliamentary committee as to how it intends to investigate AMP, with the AFR reporting that the regulator “has revealed it is working with criminal prosecutors to investigate AMP”.

This is further bad news for AMP Limited and its investors, with the group having a long road to redemption ahead of it. The stock is hovering around a 52-week low of $3.56 this afternoon despite the wider market enjoying strong gains over the second quarter of calendar year 2018.

AMP shares are unlikely to escape their downtrend until the group can decisively put its Royal Commission problems behind it and restore its reputation.

7 of 8 People Are Clueless About This Trillion-Dollar Market

One of our investors has recently returned from a research trip to Silicon Valley... and has a warning for fellow investors:

Because he works for an organization dedicated to spreading great investing ideas, his video report is free today... so you can see it and decide for yourself.

Don't miss your chance click here to learn about this warning and how you might be able to profit!

Motley Fool contributor Tom Richardson has no position in AMP Limited. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The 5 mining stocks we’re recommending in 2019…

For decades, Australian mining companies have minted money for individual investors like you and me. But if you believe the pundits and talking heads on TV, those days are long gone. Finito! Behind us forever…

We say nothing could be further from the truth. To earn the really massive returns, you’ve got to fish where others aren’t fishing—and the mining sector could be primed for a resurgence. That’s why top Motley Fool analysts just revealed their exciting new research on 5 ASX miners they believe could help you profit in 2019 and beyond…

Including:

The best way we see to play the global zinc shortage… Our #1 favourite large-cap miner (hint: it’s not BHP)… one early-stage gold miner we think could hit the motherlode… Plus two more surprising companies you probably haven’t heard of yet!

For free access to our brand-new research, simply click here or the link below. But be warned, this research is available free for a limited time only, and we reserve the right to withdraw it at any time.

Click here for your FREE report!