Australia’s Federal Court has issued AMP Group with a $24 million (US$16 million) fine for charging over 2000 deceased customers life insurance premiums and advice fees for nearly a decade.
Additionally, the court has also fined MLC $10 million (US$6.6 million) for failing to pay benefits to nearly 120 injured or disabled customers it had promised to cover from its rehabilitation programs.
The federal watchdog, the Australian Securities and Investments Commission (ASIC), made the announcement on May 19 after reaching settlements between the insurance company and the regulator.
Originally formed in 1849 as the Australian Mutual Provident Society, AMP Limited is a retail wealth management and banking business that operates in Australia and New Zealand, with wealth management platforms in Australia that offer superannuation, retirement and investment products….