According to recent reports, both current and former AMP clients have been informed about the class action and given the opportunity to participate. The primary accusations concern exorbitant administration fees on products like Flexible Lifetime Super and MySuper accounts. Additionally, AMP is accused of uniquely imposing investment fees on cash and term deposits, which other retail funds reportedly did not do.
Emma Pelka-Caven, head of class actions at Slater and Gordon, emphasized that the case is about justice for countless Australians who entrusted AMP with their retirement savings, only to be allegedly overcharged. The firm asserts that the case will demonstrate AMP prioritized profits over members' best interests.
Despite findings from the Financial Services Royal Commission, Emma Pelka-Caven argues that AMP has not adequately addressed the operational issues identified. Instead, the class action aims to secure compensation for purported breaches spanning more than a decade. AMP has consistently denied any misconduct and remains committed to defending against these claims since the initial proceedings in 2019.
Maurice Blackburn’s national head of Class Actions, Rebecca Gilsenan, characterized AMP's alleged conduct as a grave failure in duty and fairness, negatively affecting millions of account balances. The firm pursues restitution for customers to recover potential losses attributed to non-compliance by AMP's trustees.
The trial is expected to extend over a seven-week period, with promises from Slater and Gordon to uncover further misconduct not explored during the Hayne Royal Commission.
