Ms Press went on to praise the government for accepting the recommendation from the 2017 ASIC Enforcement Review Taskforce report to allow the regulator to direct Australian Financial Services Licence holders to establish “suitable customer review and compensation programs”. During an opening statement on Monday, Mr Hodge also mentioned other industry players such as ANZ, Westpac and StatePlus in relation to consumers being incorrectly charged fees or for paying for advice they did not receive.

Mr O'Halloran said: "People would have been much better off being reunited with the money AMP stole from them by having it put into their existing super accounts.".

document.getElementById('cloakae46d20588c04befc18d7a25ee3f5f00').innerHTML = ''; However, those payments were made to new accounts customers did not know anything about. The banking royal commission found charging fees for no service was "taking money for nothing" and AMP is now putting that money into new accounts and charging new fees. "For people with low balances, this looks like a naked attempt by AMP to claw back its ill-gotten gains. “Entities should take seriously their obligations under statutory notices issued by ASIC, including producing documents in accordance with the specified time frame and not preventing the disclosure of documents to ASIC by making inappropriate [legal professional privilege] claims,” Mr Crennan continued. The corporate regulator has also announced delays in AMP, ANZ, Commonwealth Bank, Macquarie, NAB and Westpac conducting “further reviews” to “identify systemic [fees-for-no-service] failures beyond those already identified and reported to ASIC since 2013”. Get notifications in real-time for staying up to date with content that matters to you. “However, we believe the institutions have failed to sufficiently prioritise and resource their reviews, particularly as ASIC advised them to commence the reviews in mid-2015 or early 2016.”. This is so bad," he said. We love feedback: help us improve by rating the app and sharing your suggestions at apps@sbs.com.au. It declined to say how many new accounts had been set up, or why information about moving the money into another super account wasn't included in earlier correspondence. Watch SBS World News live daily at 6:30pm on TV and on our app. var prefix = 'ma' + 'il' + 'to'; “some institutions have taken a legalistic approach to determination of the services they were required to provide”. Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month. Public submissions to the royal commission about superannuation have also raised concerns about fees-for-no-service, as well as the provision of insurance by super funds that consumers had not sought. “God, I can’t wait to get to work." Late last year, AMP started to contact former clients to alert them AMP owed them the money it took in fees while providing no service. Please select the editions you would like to sign up to.

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry revealed that AMP has discovered incidents as recently as mid-October relating to the charging of fees where no financial advice services were provided. The strategy of opening new accounts has shocked regulatory and corporate governance academic Andy Schmulow, who lectures at the University of Wollongong and is currently an adviser to the World Bank on market conduct rules. Frank Chung franks_chung news.com.au …

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