AMP superannuation account holders urged to sign up for class action

We believe more than one million Australians have suffered financial loss due to paying unjustifiably high administration fees for many years.

We’re alleging that the AMP Trustees and AMP Group companies disregarded several statutory and/or general law obligations resulting in this loss.

You can sign up now for our class action.

The impact of AMP's misconduct

We know that superannuation is an area that many people don’t understand in great detail. Beyond choosing a super fund, you trust the company holding your super is managing your retirement savings with care – so when the time comes you are in the best possible position to retire.

Maurice Blackburn Class Actions Principal Lawyer, Brooke Dellavedova, is leading this class action. She says AMP has clearly abused the trust of its members. And the impact of this on everyday people has varying financial and personal impacts.

“At the first level you have the unreasonably high fees that AMP charged,” says Brooke.

“But then you take a step back and can see the impact of this on their member balance. Then, you see how their member balance impacts their superannuation return. What we’ve found is the impact those high fees have on superannuation accounts overtime is hugely significant.”

The Maurice Blackburn team has spoken with hundreds of AMP members in recent weeks. None of them had any idea they were impacted by this. The financial loss for individuals ranges from thousands to hundreds of thousands of dollars. It is likely this has affected every single AMP superannuation policy holder. For people who are already struggling financially or for people who may have already started or be close to retirement, the impact is heartbreaking. 

What is our claim?

Superannuation trustees are responsible for the compulsory and voluntary retirement savings of millions of working Australians. They have a duty to act in the best interests of members. And to give priority to the interests of those members above all others.

In the case of this claim, we allege that AMP Trustees put the interest of shareholders above its members. And the company failed to scrutinise the administration fees set on their members’ superannuation accounts.

We are claiming there were several ways AMP could have evaluated and reduced members’ fees, such as:

• monitoring the fees that members were paying
• evaluating those fees by reference to the service being provided
• researching fees being charged by other superannuation funds
• negotiating with related entitles to reduce the fees
• attempted to outsource the administration for a cheaper price.
   

AMP didn’t do any of this.

The Royal Commission was just the beginning

During the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, it became clear there were several types of misconduct taking place at AMP. After further investigation we discovered the extent of this misconduct was far more widespread than initially thought.

We now believe this has affected every single AMP superannuation policy holder.

Strength in numbers

If you have held or currently hold a superannuation account with AMP we want to help you fight for compensation.

We know that bringing a case against a large company like AMP is unrealistic for an individual. But through a class action we can mobilise a large group of people to take action.

How can you join?

If you held one or more superannuation account(s) with AMP at any time from 30 May 2013, you are automatically a group member in the action. You are legally bound by the outcome unless you take steps to opt out.

We encourage you to sign up with us now so that we can keep you updated on progress and assist you with any steps you may need to take.

The case is being funded by Harbour, and group members who sign up will not be required to pay any costs or funding commission unless there is a successful outcome and only out of any recovery.

As part of the sign up process, you will be asked to provide information about your AMP superannuation fund account. It will be useful if you have a copy of a recent AMP superannuation statement at hand.

If you are having difficulties in completing the form please contact us at AMPsuperfees@mauriceblackburn.com.au or on 1800 270 813.