AMP offers rectification to clients affected by super switching EU
Craig Dunn
AMP Financial Planning (AMPFP) has offered rectification to about 1,500 clients affected by an enforceable undertaking (EU) the dealer group gave to the Australian Securities and Investments Commission (ASIC) in July last year.
The clients had all subsequently requested a review of the super switching advice they received from AMPFP between November 2004 and July last year, advice that formed the basis of the EU.
AMPFP managing director Craig Dunn said the dealer group had decided to allow the 1,500 clients, who were among 1,700 affected in total to have requested a review, to “opt to return to their former super fund or funds”.
“These clients will also be entitled to have any fees or charges associated with their original move and the switchback refunded to their super accounts.”
Dunn said AMPFP had decided to offer rectification because the “documents provided to these clients at the time they received their advice did not meet the new standards that AMPFP had agree [to] with ASIC”.
The remaining 200 clients that requested a review were not offered rectification because they had either “not received super switching advice or had received advice but did not proceed to a transaction”, he said.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
