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MODIFY 3-Australia’s AMP matters the price of past misdeeds, stocks plunge

MODIFY 3-Australia’s AMP matters the price of past misdeeds, stocks plunge

* AMP allows A$290 mln for bad monetary advice

* business spending another A$150 mln investigating methods

* Shares at their lowest since 2003 (Adds analyst comment, updates stocks)

By Byron Kaye and Paulina Duran

SYDNEY, July 27 (Reuters) – Australia’s wealth manager that is biggest, AMP Ltd, on Friday flagged A$530 million ($391.4 million) of expenses stemming from an inquiry into monetary sector misconduct and warned first-half revenue would decrease, giving its stocks to a 15-year low.

The trading improvement a couple of weeks before it reports first-half profits places an earlier dollar figure regarding the effect of this Royal Commission inquiry, which exposed systemic wrongdoing at AMP and over the economic climate associated with world’s economy that is 14th-largest.

The revelations of board-level deception of the regulator within the charging that is deliberate of for monetary advice it never ever offered have price AMP its president, CEO and many directors.

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