AMP to accelerate advice remediation
AMP Limited has formally moved to restore its reputation with the announcement of an accelerated advice remediation program and fee reductions across its superannuation products.
In an announcement released on the Australian Securities Exchange (ASX) today, the company said that the advice remediation program was being accelerated to ensure impacted advice customers were appropriately compensated with the result that the company’s first half results would be impacted by a provision of $290 million.
The company said it was also delivering better value to superannuation customers through fee reductions to its flagship MySuper products with the pricing reductions being implemented in the third quarter.
The company said it expected to deliver a fist half underlying profit in the range of $490 million to $500 million, which it said would demonstrate growth acoss its core businesses.
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