In a judgement handed down on 20 September 2022, Moshinsky J of the Federal Court held in favour of the Australian Securities and Investments Commission (“ASIC”) against member companies of the AMP group in Australian Securities and Investments Commission v AMP Financial Planning Proprietary Limited [2022] FCA 1115 (“ASIC v AMP”). Notwithstanding that AMP admitted the allegations and has been on a remediation pathway over several years, it has been fined $14.5 million and is required to publish an adverse publicity notice on its websites for one year. This case is a continuation of the harsh penalties imposed on financial services providers for charging fees in situations where their mandate to do so has ceased. In this case, it was for superannuation members in a corporate superannuation scheme where those members had left their employer and could no longer access advice services…

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