Financial Institutions AMP and MLC Fined Millions for Breaching Customers’ Trust

The head office building of AMP Ltd, Australia's biggest retail wealth manager, is seen in central Sydney, Australia on Oct. 28, 2016. David Gray/Reuters

Australia’s Federal Court has issued AMP Group with a $24 million (US$16 million) fine for charging over 2000 deceased customers life insurance premiums and advice fees for nearly a decade.

Additionally, the court has also fined MLC $10 million (US$6.6 million) for failing to pay benefits to nearly 120 injured or disabled customers it had promised to cover from its rehabilitation programs.