AMP blames advice recalcitrants
AMP’s executive chairman, Mike Wilkins has blamed “a small number of individuals in our advice business” for the problems which have beset the company out of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
He also declared that AMP has nearly completed the workplace investigation to “understand accountabilities for the issues in the advice business”.
“We intend to exercise tough sanctions for any individuals found to have acted inappropriately and against our code of conduct,” Wilkins said
Addressing the company’s annual general meeting, Wilkins claimed no organisation should consider itself immune from the failings which had beset AMP but then stated: “a small number of individuals in our advice business made the decision not to follow policy, and inappropriately charged fees to customers where no service was provided”.
“The situation was compounded through a series of communications that misrepresented the issue to – and therefore misled – our regulator on several occasions,” Wilkins told the AGM.
The AMP executive chairman also acknowledged whether there was more to come out of the advice business and reinforced the likelihood that the company was expecting to have to meet further customer remediation costs and associated expenses.
Recommended for you
Rising bearishness among investors has led to a retreat into defensive assets, according to the latest quarterly manager and intelligence trends report from Bfinance.
Cbus Super, the superannuation fund for blue-collar workers, has announced it paid out almost $300m in insurance claims over the last financial year, a rise of $40m from the year before.
The $700 million not-for-profit fund Lutheran Super has announced it is to merge into Mercer Super, with the transfer set to take place in the fourth quarter this year.
Superannuation assets fell 0.5% in value over the 12 months to the end of June, according to the latest quarterly figures from the Australian Prudential Regulation Authority (APRA).
