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ASIC proceedings against AMP set for December trial

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The corporate regulator’s civil penalty proceedings against AMP over the alleged deductions of life premiums and advice fees from deceased customers’ accounts are listed for trial later this year in the Federal Court.

insuranceNEWS.com.au understands the case has been listed for December.

An AMP spokesperson says following identification of the issue, the business self-reported to the regulators in 2018 and updated its processes and policies.

“We apologised to beneficiaries who were impacted by these issues, and remediation of all impacted customer accounts was completed in 2020,” the spokesperson said.

The Australian Securities and Investments Commission (ASIC) announced in May last year that it had commenced civil penalty proceedings in the Federal Court against five companies that are, or were, part of the AMP Limited group.

ASIC alleges that these entities were involved in charging life insurance premiums and advice fees to more than 2000 customers despite being notified of their death.

The companies named in the notice of filing are AMP Superannuation, NM Superannuation Proprietary, AMP Life Limited (which is now owned by Resolution Life Group but was part of AMP when the conduct took place), AMP Financial Planning Proprietary and AMP Services.