The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry exposed the concerning degree to which banks and financial institutions knowingly took advantage of their customers to boost their bottom lines.
More than two years since the inquiry concluded in February 2019, the fallout from the Banking Royal Commission is still ongoing.
In May, we saw ASIC launch yet another proceeding in the Federal Court, this time taking aim at various AMP entities. It follows the damning revelations that AMP had charged premiums for life insurance and financial advice fees to thousands of deceased persons, even after being notified of their death. In these circumstances, there was simply no life to insure, and this horrific conduct continued for years. Thus far, AMP has had to pay back $5.3 million for the period from 2011 to 2019.
Class action against AMP for overcharging insurance fees
Australians relied on our large financial institutions, like AMP, to look after their hard-earned savings and financial interests.
At Shine Lawyers, we believe in standing up for what is right and enabling access to justice. We have filed a class action on behalf of the thousands of AMP insurance policy holders who have been wrongfully overcharged after obtaining advice from an AMP financial adviser about AMP life, TPD, trauma, income protection and business protection insurance.
It is alleged these financial advisers were incentivised through commissions and other financial and non-financial benefits to recommend higher-priced insurance from AMP.
Up to 100,000 clients are estimated to have been impacted by this unethical financial advice and we believe they should be compensated for the excess premiums paid.
How to register for the AMP Insurance Class Action
If you obtained advice from an AMP authorised representative to take out AMP insurance, you may have been wrongfully overcharged.
To protect your rights and claim back your hard-earned money, you can register for our class action online or call us on 1800 325 172. Our expert Class Actions Team have the skill, experience and industry insight to represent insurance and superannuation customers across the country taking a stand against premium rorts.
To find out more about this class action, visit the AMP Insurance Class Action webpage.
Written by Christina McLellan. Last modified: July 15, 2021.