Sydney, 4 May 2018: Clayton Utz welcomes AMP's comments today that the firm's report to the AMP Board on the AMP advice business was "uncompromisingly direct" and an "important and powerful catalyst" for change at AMP.

Clayton Utz Chief Executive Partner Mr Rob Cutler said the firm's position was always that its investigation into the AMP advice business was at the instruction of the AMP Board, and the firm stood by the report's robust findings.

"It is disappointing that it has been misreported that Clayton Utz was in some way involved in misleading ASIC. That is simply not true. As AMP states, the report is an uncompromisingly direct and comprehensive 87-page review of the conduct of the advice business that could have only been of assistance to ASIC in its investigation, and to Counsel Assisting in preparing cross-examination."

"The report we prepared was for the AMP Board and was the result of an extensive investigation which in fact identified much of the conduct referred to by the Commission. At no stage were the findings compromised by AMP or any other person,” Mr Cutler said.

“The investigation was undertaken according to the terms of reference set by AMP. This included that it was to be independent of the advice business and for the purpose of providing legal advice to the AMP Board. The report was not prepared for, commissioned by, or addressed to, ASIC, and we did not provide it to them."