AMP has been fined for charging more than 2000 dead people life insurance premiums and advice fees. The scandal first aired in 2018 during the Hayne Royal Commission into the finance sector. 9News
"Additionally, the AMP companies received over $100,000 in advice fees from deceased customer accounts, with at least $75,000 being charged between May 2015 and August 2019."
AMP has also been ordered to publish a written notice outlining its conduct and the fines it was handed on its website for at least a year. "Customers, and their beneficiaries, expect financial services providers to have the proper systems in place to ensure, once notified, deceased customers are no longer charged. These systems were inadequate, and customers were let down."This misconduct represents a fundamental breach of trust between a customer and their financial services provider."
Between 2019 and 2020, it paid back $5.2 million to 10,155 accounts that had been wrongfully charged premiums and advice fees.
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