AMP admits fees were so high $100,000 super investment made a loss

After three years, cash product’s rate of return was minus 0.39%, inquiry told

The embattled wealth manager AMP has admitted that a customer who invested their super in one of its cash products paid so much in fees and charges that they got a negative return.

When asked why the customer should keep their savings in the cash product when they could get a better return from one of AMP’s interest-bearing accounts, an AMP executive said: “You’d have to ask the client.”

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from The Guardian https://ift.tt/2BdzUFz
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