AMP hit with class-action over super fees

Wealth manager AMP has been hit with a class action lawsuit for allegedly charging superannuation fund members “unjustifiably” high fees for an extended period of time.

Law firm Maurice Blackburn on Thursday said it had filed a class-action lawsuit on behalf of all AMP superannuation fund account holders.

An AMP representative said the company had not been served with any proceedings on the matter, and that it would “defend the matter vigorously” if served.

The 170-year-old company was one of the more prominent firms to feature at the financial services royal commission, where it faced accusations of wrongdoing including charging clients for advice they never received.

AMP subsequently lost its chairman and chief executive officer, haemorrhaged billions of dollars in funds and was slapped with lawsuits.

This month AMP shareholders voted in favour of the company’s remuneration report, but the leadership team says further uncertainty awaited as it embarks on a multi-year journey to lift earnings and rebuild its share price.

AAP

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