June 27, 2018 / 6:19 AM / 10 months ago

Australian regulator sues AMP, claiming it cut client insurance for fees

SYDNEY, June 27 (Reuters) - The Australian corporate watchdog said on Wednesday it filed a lawsuit against the country’s biggest listed wealth manager, AMP Ltd, accusing its financial planning arm of intentionally cutting clients’ life insurance cover for higher fees.

“The financial planners stood to receive higher commissions ... whilst at the same time exposing the clients unnecessarily to underwriting and associated risk,” the Australian Securities and Investments Commission said in a statement. (Reporting by Byron Kaye; Editing by Muralikumar Anantharaman)

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