Australian Securities and Investments Commission v AMP Financial Planning Pty Ltd

The Australian Securities and Investments Commission (ASIC) filed a complaint against AMP Financial Planning Pty Ltd, alleging breaches of civil penalty provisions under the Corporations Act 2001 (Cth). The Federal Court of Australia was tasked with handling the matter. The primary legal issues the court needed to address were the appropriateness of separating the trial into two parts—one for liability and another for penalty—as well as the detailed case management procedures, including the discovery of documents and the exchange of evidence between the parties.

The court deliberated on whether to split the trial into two phases, considering the complexity and the potential for delay. It concluded that a split hearing would align with the overarching purpose of the Civil Procedure Act 2005 (Cth) and expedite the resolution of the case. Furthermore, the court outlined extensive case management instructions, emphasising the need for parties to facilitate the overarching purpose and avoid unnecessary delays. The court meticulously detailed the timeline for document discovery, evidence exchange, and expert reports, all aimed at ensuring a fair and efficient trial process. The court also addressed the appointment of a referee, rejecting the idea due to the potential for delay despite a set hearing date.

The court issued comprehensive orders for the case, including separate trials for liability and penalty, strict deadlines for document discovery and expert evidence exchange, and specific timelines for written submissions and objections to evidence. The court reserved costs, indicating that further consideration would be given at a later stage. These orders were designed to streamline the proceedings and ensure that both parties had adequate opportunity to prepare their cases while adhering to the principles of just, quick, and cheap resolution of the dispute.