AMP Financial Planning upgrades enforceable undertaking customer numbers
AMP Financial Planning (AMPFP) has announced that it has significantly upgraded the number of customers it will be contacting in relation to the enforceable undertaking it entered into with the Australian Securities and Investments Commission (ASIC) last year.
In an announcement released on the Australian Stock Exchange this morning, the company said it had originally estimated that around 7,000 customers out of a total of 720,000 would need to be contacted, but this had been upgraded to 35,000 customers.
AMP chief executive Andrew Mohl said the implementation of the undertaking on client rectification had proven to be far more complex than anticipated.
He said the number had changed as a result of AMPFP’s own verification processes, as well as discussions with ASIC and external expert Deloitte
Mohl said this had resulted in the inclusion of existing AMPFP retail superannuation clients as well as new retail superannuation clients.
AUTHOR
Mike Taylor
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
