subscribe to our newsletter sign up

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

The latest bank in hot water over its fees

A class action has been filed against a non-major bank, following allegations of uncompetitive fees.

National law firm Maurice Blackburn has filed a class action seeking compensation for AMP superannuation fund holders.

This is based on allegations that AMP charged uncompetitive administration fees in these funds.

There are also allegations this resulted in investment losses in some instances.


The firm filed the class action in the Federal Court in Melbourne, claiming the AMP trustees “failed to monitor, compare, negotiate or seek reductions of hefty fees being pocketed by related AMP Group companies”.

AMP responds

The bank acknowledged that a superannuation class action proceeding has been filed against some of its subsidiaries.

A spokesperson for the bank said the proceedings would be vigorously defended.

“AMP and the trustees of its superannuation funds are firmly committed to acting in the best interests of their superannuation members and acting in accordance with legal and regulatory obligations. We encourage any customers who have concerns to contact AMP,” they said.

“In 2018, we cut fees on our flagship MySuper products, benefiting approximately 600,000 existing customers as well as new customers, improving member outcomes. In 2019, we also cut fees to MyNorth,” they said.

The latest bank in hot water over its fees
nestegg logo
subscribe to our newsletter sign up
Recommended by Spike Native Network
Anonymous - It is not a bias to get a refund of over-withheld taxes. For once, Australia has a better tax system in this respect than most of the rest of the world.....
Anonymous - This is all identity politics rubbish. Inasmuch as most families are dual income earners and as most women are not in high paying jobs for a variety.......
Margaret - Happy that I won't be around in 2060....
Anonymous - This "analysis" is misconceived and should get a fail in statistics. Men pay more tax because they work more. So they should get more relief. And,.......