Email By The Business host Elysse Morgan Posted January 21, 2020 05:50:01 Photo: AMP’s refund process following the fees-for-no-service scandal has been slammed by consumer advocates. (ABC News) Related Story: AMP financial planners facing ruin, ‘on the edge of suicide’ in wake of royal commission Related Story: ‘Doing this for 30 or 40 years and suddenly they’ve lost their business’ as AMP ditches planners Related Story: AMP Financial Planning admits it failed to act in clients’ best interests Map: Australia Former AMP customers and consumer rights groups have been outraged by the troubled wealth manager’s latest tactic to delay returning money it stole in the fees-for-no-service scandal. Key points:AMP wrote to former clients informing them their refunded fees had been placed in new AMP superannuation accountsSuper Consumers Australia says the AMP Eligible Rollover Fund has underperformed comparable fundsThe fund does not charge entry and exit fees but does have administration and investment fees The banking royal commission found charging fees for no service was “taking money for nothing” and AMP is now putting that money into new accounts and charging new fees.AMP has been forced to refund hundreds of millions of dollars in fees and charges it took from clients… Read full this story
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