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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.

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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
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