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(Reuters) - Wealth manager AMP Ltd was handed a penalty of A$14.5 million ($9.74 million) on Tuesday by Australia's Federal court for charging customers with 'fees for no service' on their corporate pension accounts.
The Australian Securities and Investment Commission (ASIC) had alleged in 2018 that companies related to the wealth manager charged fees from customers despite being notified that they were no longer able to access the advice.
Between July 2015 and September 2018, AMP entities ded...
>>> Read more: AMP handed $9.7 million penalty for charging pensioners 'fees for no service'
The Australian Securities and Investment Commission (ASIC) had alleged in 2018 that companies related to the wealth manager charged fees from customers despite being notified that they were no longer able to access the advice.
Between July 2015 and September 2018, AMP entities ded...
>>> Read more: AMP handed $9.7 million penalty for charging pensioners 'fees for no service'
