ASIC said AMP wrongfully received around $600,000 in advice fees from corporate superannuation accounts, despite those customers not having access to advice services.
ASIC further alleges that from July 2015 to April 2019, AMP continued to take fees from customers accounts even after being informed they had left their company’s default super account.
Previous charges against AMP
Additionally, AMP was accused of receiving over $100,000 in advice fees from dead customer accounts.
“ASIC commenced this proceeding because licenced financial services companies need to have robust compliance systems to ensure they meet their legal obligations to customers,” ASIC said in a statement at the time.
“Customers, and their beneficiaries, should have confidence that they will be correctly and lawfully charged for any financial services or products.”
Following the Royal Commission AMP has so far paid back around 200,000 customers a total of $153 million for fees for no service offences.
Throughout 2019, AMP conducted a full remediation program covering all affected superannuation accounts in which more than $900,000 was repaid to affected customers for wrongfully charging advice fees to over 2,500 superannuation accounts.