AMP continued to charge clients who had died for life insurance premiums despite having been informed of their deaths, the Hayne royal commission into financial misconduct heard today.

An internal investigation in April found deductions were still being made from the dead clients’ accounts, Group Executive of Wealth Solutions and Chief Customer Officer Paul Sainsbury told the hearing.

The under-fire wealth manager collected $1.3 million from the superannuation accounts of more than 4600 dead clients.

Counsel Assisting, Mark Costello, provided evidence AMP was aware of the practice as far back as 2016, when an internal complaint was made and received by management.

“There was a better way to do it, which was to stop premiums on death rather than refunding them. It seems a rather obvious step doesn’t it?” Mr Costello asked Mr Sainsbury.

Mr Sainsbury replied, “Yes, it does”.

In an earlier round of the royal commission hearings, AMP admitted clients were charged fees for services they never received and said senior management deliberately misled regulators for years.