Former customers and consumer rights groups slam AMP for repaying fees it charged for no service into new accounts people did not consent to being opened in their name.
An independent advocacy centre for superannuation customers criticised AMP's move as a shameless grab for new accounts that could be sapped of fees.
The big banks and AMP repay fees for financial advice never received, but where's the penalty? asks Stephen Letts. "The fund's rate of return of 1.1 per cent over the last year was below inflation and had that money gone directly into a balanced MySuper account, they would have earned 6.89 per cent," Mr O'Halloran said.AMP's letter states there are"no exit or entry fees" but says nothing about the fees charged while the account is open, which are quite steep.
AMP's letter states in bold type that no action is required:"You don't need to do anything — the payment has already been made."Former client furious money back with AMP One former client of AMP told the ABC they were furious AMP had set them up with an account without their consent and lumped them with the hassle of now applying to get their money out of the account and closing it.Mr O'Halloran said:"People would have been much better off being reunited with the money AMP stole from them by having it put into their existing super accounts."
"They obviously have these former clients' details — addresses, emails, phones. It's clear they put no effort into actually trying to give people their money back."
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