Share price by Xmas 2019, page-94

On the potential fine by asic, the failure by AMP was as a licensee to make sure that number of advisers did not churn and put clients at risk. To fine AMP for each policy was clearly ridiculous. AMP failed systemically once. It failed in terms of a number of advisers. The fine will be at the low end. Coursts have shown a more reasonable view than asic.

Courts have also shown a much more reasonable view than the Royal Commission and actually allowed people to present evidence and to discuss damage. AMP was found guilty without trial of things it did not do. Many of the things that are now being treated as criminal were normal practice and have never been found to be against the law in a court. The banks are just copping the loss and walking away as it us not material to them. Overall, the industry could not stand up to the wave of anger built by the RC.

On share price, I suggest you get access to the Morgan Stanley report on AMP. It is sobering. Without the emotion of hope and vested interest we see here they explain why they estimate AMP as a $1.80 value and that no funds will be returned to shareholders.