The judge overseeing a slow moving class action against four AMP subsidiaries and two trustees over alleged excessive superannuation fees has expressed his frustration with delays in the case, fixing the case for trial over the wealth manager’s protest.
AMP and a group of financial advisers in a class action over changes to the firm’s buyer of last resort policy have agreed to another round of mediation, even as the wealth manager appeals a judge’s liability finding.
AMP has appealed its loss in a class action over changes to its buyer of last resort policy, under which the wealth manager slashed the amount it would pay financial advisers for their books of business.
A shareholder class action that was filed in the wake of the banking royal commission over AMPās fees-for-no-service practices has settled for $110 million.Ā
AMP has set aside $50 million in its financial statement for the first half of 2023 to cover potential liability in a class action won last month by financial advisers over the wealth manager’s buyer of last resort policy.
It was “fundamentally wrong” that AMP Financial Planning paid consultant PricewaterhouseCoopers significantly more to review a court-ordered remediation than was paid to customers who suffered loss after an adviser churned life insurance policies for higher commissions, a judge has said.
A judge has ordered two AMP units to pay a total of $24 million after finding the wealth manager acted unconscionably in charging insurance premiums and advice fees to deceased customers.
A judge has questioned AMP Financial Planning over whether it breached court orders to compensate customers after finding the firm failed to prevent a now banned adviser from churning life insurance for higher commissions.
A judge has imposed a $14.5 million penalty on five AMP entities, saying it was āsurprising and concerningā that the wealth manager deducted $356,000 from customers’ superannuation accounts for advice they never received, despite numerous complaints.
ASIC has told a judge AMP should face a $17.5 million penalty for deducting $356,000 from customers’ superannuation accounts for advice they never received, saying the wealth manager had shown “no real contrition” for its conduct.