AMP to ‘vigorously’ defend super class action
AMP Limited has vowed it will vigorously defend a class action mounted over its superannuation products.
The company announced to the Australian Securities Exchange (ASX) today that it was subject of a superannuation class action filed against certain of its subsidiaries by Maurice Blackburn in the Federal Court in Melbourne.
It said the action related to the fees charged to members and that the proceedings was on behalf of superannuation customers and their beneficiaries.
“The proceeding will be vigorously defended,” it said.
Recommended for you
The Reserve Bank of Australia (RBA) has lowered rates to a level not seen since mid-2023.
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
