AMP’s statement in response to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
AMP is deeply disappointed that its advice business has charged customers fees where service has not been provided and for misleading the regulator in this regard. We apologise unreservedly to our customers, our regulator and the community more broadly. This is not behaviour we expect in our company.
AMP has prioritised the remediation of customers affected by the issues discussed in the Royal Commission yesterday. 15,712 customers have been paid a total of approximately $4.7 million of which $850,000 was related to the 90 Day Exception which affected 2,132 customers.
A Board sub-committee was established in 2017. This sub-committee has managed the response to this issue which includes the customer remediation process, the program of work to strengthen governance and controls and the cultural issues which were involved. This work was initiated prior to the Royal Commission and is ongoing.