Following a review of Plan Service Fees, AMP determined that superannuation fund members who had joined an AMP corporate super plan prior to 1 July 2014 were charged a fee for services provided by advisers. However, these services were made available free of charge to members joining those plans after 1 July 2014.
AMP is committed to ensuring all members are treated equitably and fairly. As a result, AMP made remediation payments to customers who were charged Plan Service Fees. Remediating customers as quickly as possible is our priority – for members without a current AMP super account, payments were made through an eligible rollover fund (ERF), which was the fastest way to return money to clients and meets the legislative requirement for the money to remain within superannuation. The AMP eligible rollover funds are ‘capital guaranteed’, which means the starting amount deposited in the fund will be maintained. An ERF is designed as a temporary account that allows customers to transfer the funds to a superannuation fund of their choice. At all times, our approach is guided by the principle of putting clients first.
The Plan Service Fee remediation was completed in 2019 and is separate from AMP’s fees for no service remediation program, which relates to ASIC report 499.