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The judge was satisfied that Equity suffered “loss and damage” as a result of AMPFP’s breach of contract, while the language used for the licensee’s treatment of Wealthstone was even stronger. AMP acknowledged the result, and did not rule out an appeal.
Four AMP Group businesses deducted insurance premiums and advice fees from superannuation customers despite knowing they had died, a judge ruled, with two of the companies – AMP Life and AMP Financial Planning – hit with $24 million in penalties.
