Body part of report of AMP limited

AMP limited, in the recent hearings, has acknowledged the manipulations to Australian Securities and Investment Commission (ASIC) over fee-for-no-service financial advice. As per the revelations, for past several years, the AMP charged its customers service-based fees. However, no such services have been provided by the firm. This practice has been prevalent across all big 4 banks.
AMP will also reimburse its superannuation customers who achieved lesser returns of their life savings because their nature of investment was cash and additional fees and charges were levied. AMP’s trustees will revise these fees and charges on such cash investments and refund approximately $32 million.
AMP financial planners also engaged in what we call is “rewriting...