AMP kicks off Commission financial advice testimony

AMP will be the first financial advice group to give testimony before the Royal Commission, with its head of advice Jack Regan appearing before Commissioner Hayne in Melbourne today.

The group’s appearance would mark the beginning of the round two hearings, which would focus on financial advice. They would continue for the next two weeks.

Topics flagged by the Commission for AMP to address included fees for no service, investment platform fees and inappropriate financial advice.

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Along with the Big Four banks, the advice group looked to be one of the biggest focuses of this stage of the hearings. The five organisations made up the brunt of case studies through which the Commission said it intended to deal with financial advice for the purpose of public hearings.

Australian Securities and Investments Commission (ASIC) deputy chair Peter Kell would also appear before the Commission today.

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time to change the pay system. AMP can employ me on a part time basis to mange the 100 AMP clients I have. ditto for the other fund managers. Lets get everyone on the same playing field. No nasty "employee advisers" who have a whole raft of exemptions on giving advice. No commissions, no client fees. Just a nice simple employer/employee relationship based on the clients. Just I will have 30 employers. I think I read industry fund advises were being paid $200,000pa to be on a call centre giving over the phone advice with a verbal disclaimer.


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