ASIC proceedings against AMP set for December trial
16 Could 2022
The company regulator’s civil penalty proceedings against AMP over the alleged deductions of life premiums and recommendation charges from deceased clients’ accounts are listed for trial later this 12 months within the Federal Courtroom.
insurance coverageNEWS.com.au understands the case has been listed for December.
An AMP spokesperson says following identification of the difficulty, the enterprise self-reported to the regulators in 2018 and up to date its processes and insurance policies.
“We apologised to beneficiaries who had been impacted by these points, and remediation of all impacted buyer accounts was accomplished in 2020,” the spokesperson mentioned.
The Australian Securities and Investments Fee (ASIC) introduced in Could final 12 months that it had commenced civil penalty proceedings within the Federal Courtroom against 5 corporations which can be, or had been, a part of the AMP Restricted group.
ASIC alleges that these entities had been concerned in charging life insurance coverage premiums and recommendation charges to greater than 2000 clients regardless of being notified of their dying.
The businesses named within the discover of submitting are AMP Superannuation, NM Superannuation Proprietary, AMP Life Restricted (which is now owned by Decision Life Group however was a part of AMP when the conduct happened), AMP Monetary Planning Proprietary and AMP Companies.
