Wealth management firm admitted fees were so high that a $100,000 cash super investment made a loss, inquiry told

The embattled wealth management giant AMP will pay $5m to compensate almost 50,000 superannuation fund members short-changed by their investments after another humiliating day for the ASX-listed firm at the banking royal commission.

AMP admitted at hearings in Melbourne on Thursday that a customer had lost money after investing $100,000 cash in a super account thanks to high fees and charges.

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