AMP gets ASIC go ahead on licences
AMPhas had the 10 Australian Financial Services Licences it applied for last month to the Australian Securities and Investment Commission (ASIC) granted by the peak regulator.
The licences issued by ASIC under the Financial Services Reform Act will be effective across AMP’s entire Australian business, which includes its funds management, superannuation, life insurance and banking operations, as of January 1 next year.
AMP Financial Planning,Hillross Financial ServicesandArrive Wealth Managementdealer groups, are all included in the business areas that have been granted AFSLs.
Other areas being granted licences includeAMP Henderson Global Investors,AMP Life, AMP Superannuation and AMP Bank.
AMP now has 11 AFSLs, after its recently launched accountant focussed Magnify Financial Planners dealer group was granted a licence separately last month.
The new licences offer some positive news to the group which announced a delay in the release of its demerger document - due out tomorrow - by two weeks and led to a slight decline in its share value, after initially falling 2.2 per cent on Tuesday.
It is understood three parties are performing due diligence on AMP’s UK life business but they’re awaiting for the disclosure of details relating to the ‘embedded’ valuations of the UK life funds - NPI, Pearl and London Life.
“While our timetable is tight the demerger remains achievable by the end of 2003," Mohl says.
Recommended for you
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
