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Word Limit: Assignment – XXXXXXXXXXwords. Note that your emphasis should not be on length but rather on clarity and precision of thought and expression. You must indicate the length of the assignment...

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Word Limit: Assignment – XXXXXXXXXXwords. Note that your emphasis should not be on length but rather on clarity and precision of thought and expression. You must indicate the length of the assignment on your paper. Word count not recorded - Students will be penalized 2 marks for failing to record the correct word count on the cover sheet or assignment. Word count exceeded - Students will be penalized 1 mark for each 100 words (or part thereof after the first 100 words) above the 1, XXXXXXXXXXword limit.

Marking Schedule: a marking sheet is attached. Marks will be primarily awarded for content, analysis and reasoning (based on sound research) but expression, grammar and spelling, presentation and form will also be taken into account (especially where such detracts from the strength of the argument/analysis). Regard shall be had to the following criteria:

  1. Demonstrated familiarity with the relevant law and policies (based on sound research);

  2. Evaluation of arguments/critical analysis of the relevant law and policies (based on sound research);

  3. Development of argument (based on sound research);

  4. Structure and organisation;

  5. Originality;

  6. Quality of expression, spelling, grammar, and punctuation; and

  7. Referencing and bibliography.

    Question:
    AMP Limited case study (30 marks)
    The AMP Limited has been in the headlines recently regarding potential class actions by various parties.

    Identify key news reports which capture the major issues and developments AND write a brief report of what has happened and what are those issues? Do NOT make any judgments (especially not about the people involved) but do show an understanding of what has occurred and why it is legally significant. (10 marks)

    From a corporate law perspective, why is the Banking Royal Commission involved in the investigation? Which other regulatory authority(ies) in your view might be involved in any possible investigation and why? (10 marks)

    What are some of the possible remedies open in this situation for issues of this kind? (10 marks)

    You will need to undertake legal research and analysis in order to provide support for all of your answers above and this includes references to the relevant law where applicable.

Answered Same Day Aug 17, 2020

Solution

Abr Writing answered on Aug 20 2020
143 Votes
AMP Limited case study
3
Table of Contents
INTRODUCTION    3
MAIN BODY    3
CONCLUSION    6
REFERENCES    7
INTRODUCTION
AMP Limited is an Australian and New Zealand based financial services company. It provides superannuation products, investment products and services, and many other similar financial services which include home loans and savings account as well (About us, 2018). The shares of AMP Limited are included in the Australian Securities Exchange. The company is headquartered in Sydney, Australia.
AMP limited finds its origin in 1849. At that time it began as Australian Mutual Provident Society. Initially, it began as a non-profit life insurance company. It was also working as a mutual society following which it was then demutualized in 1998 into an Australian Public company. After which it was listed on the Australian and New Zealand stock exchanges. One of the Australia’s largest shareholder registers is owned by AMP. When the society was demutualized, shares of new company were provided to all the policy holders existing at that time due to which the maximum shareholder base of AMP lives in Australia and New Zealand.
Recent news reveals that AMP limited repeatedly lied to its customers as well as the regulators. It has also been reported that AMP has lost a tremendous amount of AUD $One billion in shareholder value since March. AMP was discovered to lie repeatedly to Australian Securities and Investments Commission (ASIC).
MAIN BODY
AMP is one of the biggest retail and corporate superannuation provider in Australia. AMP Capital is one of the subsidiaries of AMP Limited and is the aligned wealth manager (Wishart and Wardrop, 2018). It has more than AUD $128 billion in assets under management. This makes it as one of the largest asset managers in the Asia pacific region if Japan is excluded from the list.
The four main business areas of AMP are:
i. Banking and other financial advice
These are divided primarily with the help of a well developed network of the financial planners who were self employed and include products and services such as superannuation services for businesses, financial planning and advice and selected banking products.
ii. Superannuation products and services
This includes personal risk insurance products, superannuation, self-managed super fund administration, support as well as design (Boyle, 2016).
iii. Providing Solutions for customers
The customer solutions aim at helping companies to meet customer needs. It also includes the services such as handling market efforts and is also responsible for taking sales offers to the market.
iv. AMP Capital
As explained earlier, it is one of the biggest investment managers of Asia Pacific region. It has a team of investment professionals across the world. With the help of this team, it invests in equities, infrastructure, fixed interest, diversified funds, property and multi-manager funds (Matthews, 2018). It is counted among the leading ten global managers of the investment in the field of infrastructure and also, among the leading twenty-five in real estate.
Despite all these facts, AMP made to the headlines until very recently regarding potential class actions by various parties. AMP has confessed that it has been lying to its customers and regulators repeatedly. A massive amount of AUD $One billion in shareholder value has been lost in just a short span of...
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