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.