Retirement
ASIC drags AMP to court over no-service super fees
Australia’s security watchdog is taking six companies under the AMP umbrella to court over charging fees for no service on superannuation accounts.
ASIC drags AMP to court over no-service super fees
Australia’s security watchdog is taking six companies under the AMP umbrella to court over charging fees for no service on superannuation accounts.
ASIC has alleged that half a dozen AMP-affiliated entities have been charging fees for no service on corporate super accounts.
In a statement, the regulator said that over 1,500 customers had been charged advice fees while also being told they were unable to access relevant advice because they had left their employer-sponsored super account.
ASIC said that the AMP raked in approximately $600,000 in fees from affected accounts between July 2015 and April 2019.
The regulator has now commenced civil proceedings in the Federal Court against six companies, which include AMP Superannuation Limited, AMP Life Limited, AMP Financial Planning Proprietary Limited, AMP Services Limited, Charter Financial Planning Limited and Hillross Financial Services.
While AMP Life Limited is now part of the Resolution Life Group, ASIC said that it was part of AMP when the conduct occurred.
The regulator called out AMP for failing to ensure that a system was in place that did not charge customers who had left their employer-sponsored account, arguing it had contravened the company’s “obligations as Australian financial services licensees to act efficiently, honestly and fairly”.
This latest legal stoush between ASIC and AMP follows a similar set of proceedings involving the regulator and a number of other AMP companies and allegations that the latter charged life insurance premiums and fees to over 2,000 customers they knew to be dead.
While AMP conducted a remediation program covering 2,500 affected super accounts in 2019, ASIC has said it is seeking declarations, pecuniary penalties and adverse publicity orders against the companies. No date on the proceedings has yet been set.
The move comes weeks after ASIC announced it had finalised its investigation into criminal allegations of fees for no service conducted by AMP Financial Planning Pty Limited following a consultation with the Commonwealth Director of Public Prosecutions.
RELATED ARTICLES
About the author
About the author
Superannuation
Payday super legislation promises fairer retirement for part-time and casual workers
In a landmark development for the Australian workforce, the recently passed Payday Super legislation is set to transform the retirement landscape for countless part-time and casual workersRead more
Superannuation
Payday Super passes as Employment Hero, OZEDI and Zepto unite to help small businesses meet new seven-day payment rule
With the Payday Superannuation Bill officially passing through Parliament, Australian businesses are now less than eight months away from a major shift in how superannuation contributions are made — ...Read more
Superannuation
Aware Super appoints Simon Warner as Chief Investment Officer
Aware Super has announced the appointment of Simon Warner as Chief Investment Officer, effective 1 December 2025, following a competitive global search to replace outgoing CIO Damian Graham, who ...Read more
Superannuation
Employers call for pragmatic safeguards to ensure Payday Super reform succeeds
Employment Hero chief executive Ben Thompson has urged the federal government to introduce a phased rollout and reciprocal safeguards to support small businesses as the Payday Super reform approaches ...Read more
Superannuation
Aware Super elevates tech leadership with strategic appointment of Richard Exton
Aware Super, one of Australia's largest industry super funds, has announced a pivotal appointment to its executive team, underscoring the growing importance of technology, data, and artificial ...Read more
Superannuation
Rest appoints Marina Pasika as interim head of private markets
Rest, one of Australia's largest profit-to-member superannuation funds, has announced the appointment of Marina Pasika as the Interim Head of Private Markets. This decision comes as the fund embarks ...Read more
Superannuation
Payday Super bill introduces new challenges for SMBs, reveals Employment Hero CEO
The introduction of the Payday Super bill to the Australian Parliament has sparked a significant response from the business community, particularly among small and medium-sized businesses (SMBs)Read more
Superannuation
Rest urges Parliament to expedite payday super legislation
In a significant move towards enhancing retirement outcomes for Australian workers, Rest, one of the country's largest profit-to-member superannuation funds, has expressed strong support for the ...Read more
Superannuation
Payday super legislation promises fairer retirement for part-time and casual workers
In a landmark development for the Australian workforce, the recently passed Payday Super legislation is set to transform the retirement landscape for countless part-time and casual workersRead more
Superannuation
Payday Super passes as Employment Hero, OZEDI and Zepto unite to help small businesses meet new seven-day payment rule
With the Payday Superannuation Bill officially passing through Parliament, Australian businesses are now less than eight months away from a major shift in how superannuation contributions are made — ...Read more
Superannuation
Aware Super appoints Simon Warner as Chief Investment Officer
Aware Super has announced the appointment of Simon Warner as Chief Investment Officer, effective 1 December 2025, following a competitive global search to replace outgoing CIO Damian Graham, who ...Read more
Superannuation
Employers call for pragmatic safeguards to ensure Payday Super reform succeeds
Employment Hero chief executive Ben Thompson has urged the federal government to introduce a phased rollout and reciprocal safeguards to support small businesses as the Payday Super reform approaches ...Read more
Superannuation
Aware Super elevates tech leadership with strategic appointment of Richard Exton
Aware Super, one of Australia's largest industry super funds, has announced a pivotal appointment to its executive team, underscoring the growing importance of technology, data, and artificial ...Read more
Superannuation
Rest appoints Marina Pasika as interim head of private markets
Rest, one of Australia's largest profit-to-member superannuation funds, has announced the appointment of Marina Pasika as the Interim Head of Private Markets. This decision comes as the fund embarks ...Read more
Superannuation
Payday Super bill introduces new challenges for SMBs, reveals Employment Hero CEO
The introduction of the Payday Super bill to the Australian Parliament has sparked a significant response from the business community, particularly among small and medium-sized businesses (SMBs)Read more
Superannuation
Rest urges Parliament to expedite payday super legislation
In a significant move towards enhancing retirement outcomes for Australian workers, Rest, one of the country's largest profit-to-member superannuation funds, has expressed strong support for the ...Read more
