AMP has today received a Federal Court of Australia ruling on instances of insurance rewriting conduct between 2013-2015 in the AMP Financial Planning network.
AMP had admitted to breaches of the best interests duty and its licensee responsibilities and apologised unreservedly for the conduct.
AMP acknowledges the Federal Court’s decision of 6 contraventions and a penalty of A$5.175 million.
While insurance rewriting was not a common practice by financial advisers at AMP Financial Planning, the conduct identified in the case was clearly unacceptable and customers were let down.
AMP has improved monitoring and supervision processes within our advice network and introduced stronger measures to protect clients.