ASIC says that between May 2015 and August 2019 each of the AMP-related companies did at least one of the following:

• deducted life insurance premiums from 2,069 deceased customers’ superannuation accounts despite being notified that those customers had died; and/or
• deducted financial advice fees from deceased customers’ superannuation accounts despite being notified that those customers had died; and/or
• failed to evolve systems to stop themselves from charging deceased customers; and/or
• failed to evolve systems to manage conflicts of interest between their own interests and those of their erstwhile consumers; and/or
• contravened their overarching legal obligations to act efficiently, honestly and fairly.

ASIC goes on to say that the AMP companies’ conduct demonstrated a pattern of behaviour that was 'unconscionable.'

ASIC alleges that the AMP companies received more than A$500,000 in insurance premiums from the superannuation accounts of deceased customers, charging at least A$350,000 in 2015-19. It also says that they received more than A$100,000 in advice fees from deceased customers' accounts, with at least A$75,000 being charged between May 2015 and August 2019.

ASIC wants the court to declare that these firms contravened the ASIC Act and the Corporations Act. ASIC is also asking the court to impose pecuniary penalties and to make other orders. No date for a hearing has yet been set.