AMP Limited has vowed it will vigorously defend a class action mounted over its superannuation products.
The company announced to the Australian Securities Exchange (ASX) today that it was subject of a superannuation class action filed against certain of its subsidiaries by Maurice Blackburn in the Federal Court in Melbourne.
It said the action related to the fees charged to members and that the proceedings was on behalf of superannuation customers and their beneficiaries.
“The proceeding will be vigorously defended,” it said.
While the Financial Advice Association Australia said it supports a performance testing regime “in principle”, it holds reservations about expanding this scope to retirement products.
In a Senate submission, the Financial Services Council said super funds should be able to nudge members on engaging with their super and has cautioned against default placements.
The Joint Associations Working Group, which counts FSC in its ranks, has issued an urgent warning to the government.
Senator Jane Hume will join the speaker lineup at the inaugural Australian Wealth Management Summit.
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