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ASIC hits AMP with fresh court case over ‘fees for no service’ scandal

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The new action, filed in the Federal Court, comes just two weeks after the Australian Securities and Investments Commission said it had finalised its investigation into AMP’s financial planning business | sdanck

AMP has been hit with a fresh set of civil action by the corporate watchdog over its fees for no service scandal afterThe new action, filed in the Federal Court, comes just two weeks after the Australian Securities and Investments Commission said it had finalised its investigation into AMP’s financial planning business.ASIC released that notice last week after the Commonwealth Director of Public Prosecutions declined to lodge the criminal charges against AMP that had been recommended by ASIC.

ASIC alleges a host of AMP companies charged advice fees to more than 1,500 customers despite being notified that those customers were no longer able to access the relevant advice. ASIC also alleges AMP’s companies deducted financial advice fees from 1,540 customers’ superannuation accounts despite being aware that the customer had left their employer-sponsored superannuation account and therefore could not access the advice for which those fees were paid.

 

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