Judge hits AMP with $5.2M penalty, says greedy financial adviser was ‘in the right place’

Financial Services 2020-02-05 11:05 am By Miklos Bolza | Sydney

The Federal Court has imposed a penalty of almost $5.2 million on AMP Financial Planning after finding it was “reckless” in its “lamentable failure” to properly respond to a now banned adviser who was churning life insurance for higher commissions.