And as a result of this audit, there were remedial actions in regards to Mr E?Yes. And he failed to comply with those actions?That’s right. He was issued with a show cause notice?He would have been issued with a show cause notice regardless of whether he completed the remedial action, because having received an E rating the consequence of that is that we issue a show cause. Thank you. The matter was also escalated to advice governance; is that right?Correct. So advice governance we now call advice compliance. It’s the same team. I see?It’s my team. So what is or was advice governance? Why would this have been escalated to them?So we have a consequence management framework which says that once an adviser receives an E rating in an audit, then they are immediately referred to the – what is now the advice compliance team for my team to apply the relevant consequence. So for an E rating, the adviser will immediately be issued a show cause letter effectively asking them to demonstrate why they shouldn’t be terminated. And the matter was then brought to the attention of the AMP issues panel. Is that right?Correct. And that panel met on 28 June chaired by you?Correct. And at that meeting of the issues panel, the issues panel decided not to terminate Mr E?That’s right. But instead to put him on conditions that he wasn’t to service any clients until mandatory vetting and paraplanning measures were taken?No, I don’t think that’s quite correct. He he was not to you are right that he wasn’t to provide any – – advice. We did put mandatory vetting and paraplanning in place, but it it was – pending the outcome of a broader review of files through the remediation team which is it’s called sampling. It’s having a look at a broader cross-section of files. – And until that process had been completed he was not to provide advice?That’s right. Is that right?That’s right. Can I take you to the materials that were considered at that meeting of the issues panel, which are at tab 12 of your statement, AMP.6000.0005.5973?Yes. I will just wait until we have those on the screen, Ms Britt. Yes. So these are the materials for the meeting of the AMP issues panel on 28 June 2017?Yes.
And as a result of this audit, there were remedial actions in regards to Mr E?Yes. And he failed to comply with those actions?That’s right. He was issued with a show cause notice?He would have been issued with a show cause notice regardless of whether he completed the remedial action, because having received an E rating the consequence of that is that we issue a show cause. Thank you. The matter was also escalated to advice governance; is that right?Correct. So advice governance we now call advice compliance. It’s the same team. I see?It’s my team. So what is or was advice governance? Why would this have been escalated to them?So we have a consequence management framework which says that once an adviser receives an E rating in an audit, then they are immediately referred to the – what is now the advice compliance team for my team to apply the relevant consequence. So for an E rating, the adviser will immediately be issued a show cause letter effectively asking them to demonstrate why they shouldn’t be terminated. And the matter was then brought to the attention of the AMP issues panel. Is that right?Correct. And that panel met on 28 June chaired by you?Correct. And at that meeting of the issues panel, the issues panel decided not to terminate Mr E?That’s right. But instead to put him on conditions that he wasn’t to service any clients until mandatory vetting and paraplanning measures were taken?No, I don’t think that’s quite correct. He – he was not to – you are right that he wasn’t to provide any advice. We did put mandatory vetting and paraplanning in place, but it – it was pending the outcome of a broader review of files through the remediation team which is – it’s called sampling. It’s having a look at a broader cross-section of files. And until that process had been completed he was not to provide advice?That’s right. Is that right?That’s right. Can I take you to the materials that were considered at that meeting of the issues panel, which are at tab 12 of your statement, AMP.6000.0005.5973?Yes. I will just wait until we have those on the screen, Ms Britt. Yes. So these are the materials for the meeting of the AMP issues panel on 28 June 2017?Yes.