Court fines AMP $5.2m for insurance ‘churn’

Federal Court Justice Michael Lee has ordered wealth manager AMP Financial Advice Pty Ltd to pay a penalty of $5.2m for failing to prevent its financial planners’ churn clients’ insurance policies.

Insurance sector goes before HoR ctee

The House of Representatives Standing Committee on Economics will scrutinise the insurance sector over two days of hearings in Sydney on April 28 and 29, as part of its continued review of the four major banks and other financial institutions.