Original article by Ben Butler, Michael Roddan
The Australian – Page: 3 : 18-Sep-18
Paul Sainsbury, the head of wealth management at AMP, appeared before the banking royal commission on 17 September. He told the inquiry that AMP had been charging life insurance customers a fee even after being informed that they had died. Sainsbury said the practice had been occurring since 2016, and the extent of the problem had been discovered after the royal commission was told earlier in 2018 that the Commonwealth Bank had engaged in similar practices.
AMP LIMITED – ASX AMP, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, DOVER FINANCIAL ADVISERS PTY LTD, ALLIANZ AUSTRALIA LIMITED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, BORAL LIMITED – ASX BLD, COCA-COLA AMATIL LIMITED – ASX CCL