AMP Financial Planning has ceased providing managed discretionary account (MDA) services following the imposition of tailored licensing conditions by the Australian Securities and Investments Commission (ASIC).
ASIC announced the development today stating that it followed a surveillance of AMP FP’s MDA services and advice businesses in March after which the regulator granted an application to vary the licence to provider MDA services subject to some tailored conditions.
Under the tailored licence conditions a senior executive of AMP FP was required to provide an acceptable attestation to ASIC by 30 September confirming that AMP FP had complied with and was complying with the conditions.
It said that an acceptable attestation had not been provided.
“The attestation provided by AMPFP had exceptions and ASIC informed AMPFP that the attestation was not acceptable to it, and AMPFP ceased providing MDA services in accordance with its licence conditions,” ASIC said.
Comments
It is fantastic to be able to get the real story on my the MDA service was ripped out from under us and our clients. AMPFP have been telling advisers various different stories. No wonder ASIC don’t renew MDA license if they can’t even have enough faith in their systems to provide an attestation. I wonder if it has something to do with the big margins being clipped from the SMA models being pushed hard as a replacement. #theywontlearn
https://www.moneymanagement.com.au/news/financial-planning/advisers-can-...
Just sayin!
yep, it's how active managers are trying to combat the mass move to index/factor investing, it's a desperate ploy.
absolutely correct re the SMA model clip. These Managed Accounts, internally run for a clip, are vertical integration Mark IV or so, they don't learn. The regulators will just hound them on those next.
Yep AMP are full of it - they cannot be trusted.
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