We’re committed to acting in the best interests of our superannuation members at all times and acting in accordance with our legal and regulatory obligations.
We encourage any customers who have concerns to contact AMP directly.
While we have not been served with any proceedings at this stage, we understand the proposed class action may be related to issues in our superannuation business that we previously identified and reported to the regulator. As we set out in our submissions to the Royal Commission, we are already fixing these issues and remediating customers.
We have reduced the administration fees on some of our cash investment options to address the issue of negative returns in the small number of funds impacted by this issue. We are also compensating affected customers for lost earnings.
In July, we also announced that we are cutting fees on our flagship MySuper products, benefiting around 700,000 existing customers as well as new customers, improving member outcomes.