AMP acknowledges criminal charges threat

In concluding the second round of hearings on Friday, counsel assisting the royal commission Rowena Orr QC advised Commissioner Ken Hayne that evidence provided in recent weeks indicates AMP contravened both the Corporations Act and ASIC Act with breaches that may incur criminal penalties.

In response, the financial services giant has issued a statement acknowledging Ms Orr's concluding remarks.

"AMP acknowledges the seriousness of the closing submissions made by Counsel Assisting the Royal Commission today," the statement said. 

"We are reviewing those submissions closely and will respond fully next week.

 "The Commissioner will have AMP’s submissions in relation to these matters before making any findings."