The Bulletin
Business Growth

Business News

AMP fined $14.5m for charging "unlawful super fees"

The corporate watchdog has scored a big win against insurance giant AMP (ASX: AMP) in a case it brought before the Federal Court in July last year, with the court fining five subsidiaries a total of $14.5 million for charging unlawful fees on corporate-sponsored superannuation accounts.

Business News Australia reports the fine is at the upper end of expectations after the Australian Securities and Investments Commission sought a penalty of $17.5 million against the company. AMP was hoping for a $4.6 million fine.

In handing down his judgment, Federal Court Justice Mark Moshinsky has dismissed the charge against one of the AMP subsidiaries, AMP Services. The penalties were imposed on the remaining five defendants - AMP Superannuation, AMP Financial Planning, Charter Financial Planning, Hillross Financial Services and AMP Life, the website reported. 

AMP Life, which is now part of the Resolution Life Group but was part of AMP when the fees were charged, took the biggest hit in today’s judgement with its share of the fine totalling $6 million.

Photo: Priscilla Du Preez on Unsplash 

Read the full report here:

The Bulletin Magazine

A Guide to Meeting Regulations in Contaminated Land Clean-up

Australia is a country well known for initiatives for the management of contaminated soil. This includes introducing a wider array of systems and ...

The Bulletin - avatar The Bulletin

The Best Australian-Made Pet Products

In the heart of every Australian pet owner is a desire to provide only the best for their furry family members. This sentiment is increasingly refle...

The Bulletin - avatar The Bulletin

Useful Guide to Choosing the Perfect Birthday Gift

For many people, buying birthday gifts is super stressful because they have no idea where to start their search, especially if their recipient alr... - avatar