AMP set to close GIO chapter
The integration of the GIO business into AMP Financial Services has reached the final stage with an application to transfer the business to be made to the Federal Court on December 8th.
The transfer will move the life business of GIO over to AMP adding the 350,000 policy holders of the former to that of AMP's 1.5 million life policy holders.
AMP Financial Services managing director Andrew Mohl says the transfer would not have a negative effect on any policy holder.
AMP had made extensive efforts with policy holders and regulators to ensure GIO policy holders would feel no negative effects with some in a better situation after shifting over to AMP according to Mohl.
Policyholders with GIO will receive information detailing the changes and will also be able to enter submissions to the Court if they feel they will be disadvantaged by the move.
According to Mohl the cost of transferring the business would be about $140 million but result in savings of $200 million per annum.
AUTHOR
Jason Spits
Recommended for you
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
With many advisers preparing to retire or sell up, business advisory firm Business Health believes advisers need to take a proactive approach to informing their clients of succession plans.
Retirement commentators have flagged that almost a third of Australians over 50 are unprepared for the longevity of retirement and are falling behind APAC peers in their preparations and advice engagement.
As private markets continue to garner investor interest, Netwealth’s series of private market reports have revealed how much advisers and wealth managers are allocating, as well as a growing attraction to evergreen funds.
