ASIC v AMP Financial Planning (fees for no service)
[2020] FCA 1466
civil penalty12 Oct 2020Penalty $5.30M
Respondent
AMP Financial Planning Pty Ltd
Facts
AMP Financial Planning charged ongoing service fees to over 1,500 customers despite being aware that no services were being provided. Conduct emerged through the Hayne Royal Commission.
Outcome
Federal Court imposed $5.175M civil penalty + $4.5M class action settlement; AMP refunded $200M+ across the group.
Read the source
https://asic.gov.au/about-asic/news-centre/find-a-media-release/Rules Mate links to the regulator's own publication. We do not republish full decision text. Always verify the latest status against the source before acting.