Yes, unfortunately after 10 years of being in this business, we can no longer say that we have zero regulatory actions. This is from our 2014 audit. Since then, we have updated our internal policies/procedures and have added a new CCO, who is a lawyer and has many years of experience working in compliance and hedge fund administration, to meet the regulatory expectations.
In the AMP client portal, you can't see your account activity, trades,commissions,withdraws. I have never seen a FCM who does not display account activity.
We retained our previous CCO as now additional compliance staff & hired a new CCO with experience and qualifications required to meet today's regulatory demands. The regulatory intensity is understandable and we will do our best to make sure no future regulatory actions occur.
Good luck AMP. Personally I find the amount of regulation bearing down on the industry quite anti-competitive. That is a shame for the industry, and a shame for the markets. With out competition the industry will stagnate in the hands of a few global FCM's and a cartel or oligopoly will form. That is in nobodies interests. It seems increasingly hard for a new firm with good intentions to make any headway. Im not a customer of AMP. It seems the balance of keeping client funds safe while maintaining a healthy and innovative industry is being missed by regulators. If regulators want to do something useful, they can lock up crooks like Corzine and throw away the key Madoff style.
Funny you should mention Corzine. As the new CCO at Amp was a Compliance Officer at MF Global until their, well, you know... Boy, must be a shortage of lawyers with experience in this field out there. But maybe he was just unlucky to be there at that time.