AMP hit with $24 million penalty over deceased customer charges
AMP Limited has agreed to pay a $24 million penalty at the end of a process begun in 2018 when it self-reported deducting fees from deceased customer accounts.
AMP announced to the Australian Securities Exchange today that the Federal Court had determined the penalty as part of civil penalty proceedings relating to contraventions concerning the deduction and retention of life insurance premiums and advice service fees from superannuation accounts of deceased customers.
AMP noted that it had self-reported the issues and had taken action to change its processes and policies to address the issues.
It said it had remediated 10,1555 customer accounts a sum of approximately $5.2 million for the period from 2011 to 2019 which included compensation for lost earnings.
Will this be going towards reducing the ASIC fee? ……..
“Penalty” – where does ASIC waste that, I wonder? In the past they flicked the lazy millions out to their lefty mates in CHOICE and other Labor aligned ‘community groups’ and union lackies.
If the Gov is serious about affordable advice, they need to dictate that penalties & fines are to be used to reduce the ASIC levy on AFSL’s etc.
ASIC is corrupt, and we all know Labor is as morally bankrupt as the fetid repulsive festering pustule union boil that pulls their strings.
Let’s compare the pair. AMP gets a fine of $24 mil on $5.2 mil of self reported remediation. What fine will Australian Super receive on the $70 mil self reported remediation they are doing?
Industry funds are exempt, didn’t you know! 😉
Exactly! And why are ASIC using them as their employer super fund. How can they regulate them effectively with this conflict of interest, especially when its a non-profit and any fines/remediation comes out of their own members account balances (indirectly)!