AMP consolidates super offerings
AMP Financial Services has launched what it is describing as an “all-in-one super and retirement product” providing a catalyst for the closure of four of the company’s super products.
The company announced to the Australian Securities Exchange today that it was launching AMPL Flexible Super at the same as streamlining its corporate super product range.
It said the change reduced the number of AMP superannuation and pension products on offer from six to two.
Commenting on the move, AMP Financial Services managing director Craig Meller said the changes were made in response to changing customer demand and in an effort to position the company for growth.
He said AMP Flexible Super would provide customers with one account for life. He added that it catered to AMP’s broad customer base by offering a single entry-level option that could then be added to at different stages of life.
Meller said AMP Flexible Super replaced the existing retail and employer versions of AMP Flexible Lifetime superannuation retirement products.
He said these products, together with corporate super products CustomSuper and SuperLeader, would be closed to new business from 1 July.
AUTHOR
Mike Taylor
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
