AMP

A judge has raised concerns that AMP Financial Planning has not compensated customers for allegedly failing to prevent life insurance churning, directing the firm to explain the “vanishingly small” number of people who have been remediated.

AMP has admitted two of its units charged customers fees for no service but denied it acted unconscionably in a case brought by the corporate regulator alleging it continued to charge advice fees and life insurance premiums to customers who had died. 

AMP has admitted to contraventions and will face a penalty in ASIC proceedings over fees-for-no-service conduct that allegedly led to upwards of $600,000 being unlawfully withdrawn from superannuation member accounts.

A subsidiary of AMP has settled a retired financial planner’s lawsuit accusing the company of using “unfair tactics” to avoid coughing up close to a million dollars owed under a buyout option exercised in November 2019.

Financial services company AMP has lost its bid to de-class representative proceedings brought on behalf of 1.5 million insurance customers.

A judge has ordered a class action against AMP to provide more detail in its case accusing the financial services firm of failing to disclose information to shareholders about allegedly misleading ASIC and charging clients fees for no service.

AMP has taken the insurance arm of Willis Towers Watson to court to try to force it to stick to an alleged promise to rent two floors in a central Sydney commercial block that was made just before the start of the COVID-19 pandemic.

AMP and a number of its financial planning subsidiaries could face 1.2 million individual claims if they win a bid to declass a group proceeding over allegedly excessive insurance premiums, a judge has said.

AMP has flagged a potential stay of a lawsuit filed by a Sydney-based financial planner against that overlaps with a class action brought by advisors alleging they suffered financial losses from changes in the company’s buyer of last resort policy.

Financial services provider AMP has hit back at ASIC’s civil penalty action alleging it charged super members fees for no service, saying it was not involved in its licensees’ contraventions.