Published: August 15, 2018
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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