AMP has been fined for charging more than 2000 dead people life insurance premiums and advice fees. The scandal first aired in 2018 during the Hayne Royal Commission into the finance sector. 9News
"Additionally, the AMP companies received over $100,000 in advice fees from deceased customer accounts, with at least $75,000 being charged between May 2015 and August 2019."
AMP has also been ordered to publish a written notice outlining its conduct and the fines it was handed on its website for at least a year. "Customers, and their beneficiaries, expect financial services providers to have the proper systems in place to ensure, once notified, deceased customers are no longer charged. These systems were inadequate, and customers were let down."This misconduct represents a fundamental breach of trust between a customer and their financial services provider."
Between 2019 and 2020, it paid back $5.2 million to 10,155 accounts that had been wrongfully charged premiums and advice fees.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
AMP fined $24 million for charging thousands of dead peopleThe Federal Court ordered AMP Life and AMP Financial Planning to pay fines of $18 million and $6 million respectively after they admitted to the "unconscionable conduct".
Read more »
Doubts over whether federal anti-corruption body could investigate PwC scandalLegal experts say those at the heart of the allegations could escape the Nacc’s scrutiny on a technicality
Read more »
Federal Treasury secretary’s comments on govt spending is ‘giving advice to himself’Sky News host Peta Credlin says the federal Treasury department’s Dr Steven Kennedy made a “big speech” about what the government needs to do yet he is part of the government and is really just “giving advice to himself”. “Yesterday, the head of the federal Treasury department, Dr Steven Kennedy, made a big speech telling the government what needed to be done in order to improve the long-term health of our economy,” Ms Credlin said. “The Treasury Secretary is actually part of the government, and when he publicly muses on what the government should and shouldn’t do, he's really giving advice to himself. “We do need to improve our productivity, we do need to get public spending under control, and debt and deficit down and we sure do need to get control of the out-of-control NDIS and put it into more sustainable shape. “I suspect one of the reasons why there's been so little real reform in recent years, is because senior officials like Kennedy can tell you what's wrong but can't come up with any politically acceptable ways to turn things around. “Public servants have got to shoulder their fair share of the blame, too.”
Read more »
Why Australia's most flood-prone postcode isn't a priority for improved flood warning systemsLismore, the epicentre of Australia's most expensive natural disaster, was not prioritised in this week's federal announcement of $236 million to fund flood warning upgrades.
Read more »
PwC should be ‘investigated by AFP’ for tax leakPwC should consider entering into a deferred prosecution agreement with federal authorities to avoid a repeat of the Enron debacle.
Read more »
Liberals set for another byelection battle as senior MP resignsA senior Liberal frontbencher has finally formally quit parliament almost two weeks after flagging his intention to retire from politics, setting up another byelection battle for Peter Dutton.
Read more »