AMP to again front RC
AMP Limited will find itself in the Royal Commission witness box again today as hearings continue around the operations of the major insurers.
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has listed AMP Limited’s Group Executive, Wealth Solutions, Paul Sainsbury to appear today after it completes dealing with matters involving major retail industry superannuation fund REST.
The examination of REST has focused on the operation of its group life insurance cover, and counsel assisting the Royal Commission has signalled that it will be taking a similar group life insurance approach to AMP.
The Royal Commission on Friday heard about claims-handling arrangements with respect to REST in its group insurance arrangements with AIA Australia and its interactions with the fund’s administrator, AAS.
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The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
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