Financial giant AMP has been hit with a $14.6 million fine for charging fees to its customers – and doing nothing to earn them.
It was the result of a case in the Federal Court, launched by the Australian Securities and Investments Commission (ASIC), which was seeking "pecuniary penalties" and orders for AMP to publish an apology.
"There was no entitlement to charge or deduct the fee from the member's account, and the fee should have ceased being deducted from the member's account," Justice Mark Moshinsky said.
