Watch for those gusts this weekend.
Tag Archives: oceania
AMP fined $24 million for charging thousands of dead people
AMP has been fined $24 million for charging more than 2000 dead people life insurance premiums and advice fees, a scandal that was first aired in 2018 during the Hayne Royal Commission into the finance sector.
On Friday, the Federal Court ordered AMP Life and AMP Financial Planning to pay fines of $18 million and $6 million respectively after they admitted to the "unconscionable conduct" of charging and failing to refund the funds charged to accounts after they'd been told of their clients' deaths between 2015 and 2019.
"The AMP companies received over $500,000 in insurance premiums from the superannuation accounts of deceased customers, with at least $350,000 charged between May 2015 and August 2019," a statement from the Australian Securities and Investments Commission (ASIC) said.
READ MORE: 'Frail' great-grandmother was holding steak knife when Tasered
"Additionally, the AMP companies received over $100,000 in advice fees from deceased customer accounts, with at least $75,000 being charged between May 2015 and August 2019."
Two other AMP entities – AMP Superannuation and NM Superannuation – were also found to have broken the law in regards to charging dead customers, but were not hit with any civil penalties.
AMP has also been ordered to publish a written notice outlining its conduct and the fines it was handed on its website for at least a year.
"The AMP companies had been notified that these customers had died, and despite this, continued to charge premiums and fees on their super accounts," ASIC deputy chair, Sarah Court said.
"Customers, and their beneficiaries, expect financial services providers to have the proper systems in place to ensure, once notified, deceased customers are no longer charged. These systems were inadequate, and customers were let down.
READ MORE: Man charged over deadly NZ hostel blaze tries to fire lawyer
"This misconduct represents a fundamental breach of trust between a customer and their financial services provider."
AMP's conduct was one of the more shocking revelations of the Hayne Royal Commission, leading to the resignation of both chairperson Catherine Brenner and CEO Craig Meller.
Between 2019 and 2020, it paid back $5.2 million to 10,155 accounts that had been wrongfully charged premiums and advice fees.
In an apology, AMP's general counsel insisted the company had changed its ways since the scandal emerged.
READ MORE: Teenage driver bailed after three boys injured in alleged hit-run
"AMP apologises to all beneficiaries of those affected by this matter," David Cullen said.
"When we identified the issue in 2018, we reported it to the regulator and worked hard to remediate the estates of affected customers as promptly as possible.
"We have made strong progress in becoming a customer-focused and purpose-led organisation, and this historical matter is not reflective of the AMP we are today.
READ MORE: Qantas launches more international flights
"We have made significant changes to our systems and processes in recent years designed to prevent this from recurring."
AMP Life is now part of the Resolution Life Group, but was under AMP when the offences occurred.
AMP Group said today's fines were fully provisioned for in its financial statements for 2022, and, as of 2pm, the company's share price had increased by just over one per cent.
Sign up here to receive our daily newsletters and breaking news alerts, sent straight to your inbox.
Budget 2023: MPs’ requests for security at events and home prompts $5.7m boost
Some of the funding would also be used to increase security staff on Parliament grounds.
Whanganui Mayoral Relief Fund raises $85,000 to help Hastings
“I think it shows that we’re an empathetic district and community.”
Leading entertainment figure’s rape and drugs trial: Tears as Crown witness describes sexual assault
A jury hears from the first woman to complain to the police about the man.
Truck driver sentenced after almost killing govt contractor in head-on collision
Victim ‘broke almost every bone’ after truck smashed into his car on wet road.
Aussie city named best place in the world to live in global survey
Sydney has been named the best city in the world to live, by a survey conducted by Brand Finance.
Sao Yean murder trial: ‘He was harmless’, woman recalls friend found dead in water trough
dfd
'We are desperate': School offers $30k bonus to teachers willing to move
A school in rural New South Wales is offering tens of thousands of dollars in bonuses, accommodation costs and a job to any teachers willing to make the move there.
An extra $30,000 – and potentially more for some candidates – is on offer for qualified teachers willing to move to Boggabilla to teach at Toomelah Public School, which has a fully Indigenous cohort.
Boggabilla sits right on the border between Queensland and New South Wales.
READ MORE: Government gears up for war on scammers
The school's principal Gregory Bass posted a statement on his personal Facebook page calling for teachers to apply for the job.
"We are DESPERATE for teachers! Teachers that are keen to also make a difference to the lives of these kids and to experience this once-in-a-lifetime opportunity.
"The teacher shortage is rife all around the country, but if there's anyone in more need than quality and motivated educators, it's these kids!"
"I can offer you incentives that may include an extra $30,000 in accommodation or even a free house to live in.
"I'm not asking you to come forever, even just a year or a few (like me) has the possibility of making a huge change in these kids' lives."
The new teacher will be offered a $30,000 one-off payment on top of their yearly salary, which includes a 90 per cent rental subsidy, the NSW Department of Education confirmed in a statement to 9news.com.au.
Another $20,000 is available as a recruitment bonus for the one permanent position available.
READ MORE: Apple releases groundbreaking satellite feature for iPhone 14 in Australia
A relocation package between $2000 and $5000 is also available for the prospective teacher.
"Getting qualified teachers into our rural and remote schools is a priority," a spokesperson for the Department of Education said.
"That's why we have the most comprehensive rural and remote incentives scheme in the country, including Priority Recruitment Support and Rural and Remote Incentives.
"There are also a range of professional benefits, including additional personal and professional development leave days and priority transfer status."
Sign up here to receive our daily newsletters and breaking news alerts, sent straight to your inbox.
Thousands flee as rivers burst, inundating Italian towns
Six months' worth of rain in a little over a day has hit a drought-stricken region of northern Italy, forcing thousands to leave with whatever they could carry – by dinghy, tractor or even paddling pool.