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For their past sins, AMP and the big banks are now paying out more than A$200 million (around $195 million), with the lead inquiry lawyer singling out the Commonwealth Bank as the “gold medal” winner when it comes to charging fees for non-existent services.

In the case of AMP, which runs Australia’s largest network of financial advisers, the transgressions go even further: reports prepared by a law firm to be given to the regulator were doctored to include a reference that the CEO “was unaware of the practices or their illegality.”

In addition, according to evidence presented at the inquiry, AMP also admitted it made about 20 false or misleading statements to the regulator, the Australian Securities and Investment Commission. In this way the so-called mistake was not a mistake but appears to have been a deliberate policy.

By week’s end AMP’s chief executive had resigned (no word yet on whether he receives any severance payments.) Institutional investors, meanwhile, are clamoring for more changes, including replacing the chairman.

AMP is no slouch, one of the six large financial players in Australia. And (in the past) it was deemed important enough that it is not allowed to merge with another large insurer or any of the country’s four large banks.

According to another newspaper report, another bank, the ANZ, logged 56 events of “improper conduct” in their financial planning and wealth management arm. Those included: forged signatures, impersonation of customers, fraudulent use of power of attorney, false witnessing of documents, and the transfer of customer’s funds to advisers’ personal accounts.