Published: September 09, 2018
Royal commission hears of overcharged premiums and customers not informed their life insurance cancelled
Australia’s biggest insurance companies have admitted to overcharging premiums, underpaying payouts by millions, and not informing customers that their life insurance has been cancelled, the financial services royal commission has heard.
AMP has conceded its authorised representatives had been advising customers to switch life insurance policies so they could receive large upfront commissions, while the 10 largest life insurers have admitted to paying over $6bn in commissions to financial advisers over a five-year period.
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