ASIC has commenced civil penalty proceedings in the Federal Court against five companies that are, or were, part of the AMP Limited group, alleging that.
The corporate watchdog is launching civil proceedings against five companies associated with the AMP Limited group for allegedly charging life insurance premiums and advice fees to thousands of cust
It claims five subsidiaries were ‘involved’ in taking money from more than 2,000 life and advised customers
The Australian Securities & Investments Commission (Asic) has started civil proceedings against wealth giant AMP.
The watchdog alleged that five firms that are part of the AMP Group were “involved in charging life insurance premiums and advice fees to more than 2,000 clients despite being notified of their deaths”.
The firms in question are:
AMP Superannuation Limited;
NM Superannuation Proprietary Limited;
AMP Financial Planning Proprietary Limited; and,
AMP Services Limited.
Allegations
Asic alleges that between May 2015 and August 2019 each of the five businesses did at least one of the following:
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