The Courier-Mail

Payout plan for victims

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ONE of the nation’s largest financial institutio­ns says there should be a compensati­on scheme for victims who have fallen foul of financial advisers but have “slipped through the cracks” in receiving damages.

AMP boss Craig Meller made the comment while giving evidence to a long-running Senate inquiry scrutinisi­ng financial advice after a string of scandals at banks and institutio­ns that resulted in thou- sands of mum and dad investors losing millions of dollars over recent years.

He said a minimum requiremen­t could be put in place for institutio­ns to pay for a compensati­on scheme, however, given that AMP, for example, is self-insured for such events, he questioned who should pay for it.

AMP sacked 17 staff in the past five years over dodgy advice to customers, he said.

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