AMP shares jumped 8 per cent after the embattled wealth giant was hit with a lawsuit alleging it charged more than 2000 customers despite its having been notified of their deaths, almost three years after the misconduct was aired by the Hayne royal commission.
The Australian Securities and Investments Commission has commenced civil proceedings in the Federal Court seeking penalties against AMP for “unconscionable behaviour”, including charging dead people for financial advice they did not receive.
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Aleks Vickovich leads the Financial Review's coverage of wealth management, specialising in the business and regulation of investment markets, financial advice and superannuation. Email Aleks at aleks.vickovich@afr.com
