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AAP
AAP
Business
Derek Rose

AMP and MLC fined millions for historic violations

Amp MLC Sarah Court ASIC Insurance Federal Court STEM
ASIC deputy chair Sarah Court says MLC's violations were the result of poor governance. (Lukas Coch/AAP PHOTOS) (AAP)

Two financial institutions have agreed to pay a total of $34 million in fines for historic breaches of customers' trust.

AMP Group is paying a $24m fine after its subsidiaries charged life insurance premiums and advice fees from the superannuation accounts of more than 2,000 dead customers from 2011 through 2019.

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