cash product: Corporate Australia is locked in a culture war, but it's not about left and right Anne Davies Read more When asked why the customer should keep their savings in the cash product when they could get a better return in a normal term deposit account, an AMP executive said You'd have to ask the client, according to The Guardian. After seeing its chairwoman and chief executive stand down after revelations about fees for no service at the royal commission earlier this year, AMP acted swiftly on Thursday by announcing compensation for other people who ended up paying more in fees than what they earned on their cash investments. AMP admitted at hearings in Melbourne on Thursday that a customer had lost money after investing 100,000 cash in a super account thanks to high fees and charges. About 12,500 current members with 43m invested would benefit, with former fund members to also share in the 5m compensation. Facebook Twitter Pinterest AMP executive Richard Allert leaves the banking royal commission in Melbourne. Australia's largest wealth manager has also uncovered further cases of customers being wrongly charged fees, which will lead to about 26m being paid to millions of super members.
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