…while AMP consolidates forces

AMPhas shored up its UK operations by launching a single marketing group to unify access to products from three of its UK brands: AMP Pearl, AMP London Life and AMP NPI.

The new initiative is expected to reduce the duplication of products throughout AMP’s UK operations and provide the entire AMP UK Financial Services (UKFS) sales force with a more focussed approach in the distribution of products to its five-million strong customer base.

The group will also rationalise back office technologies and systems and provide a single platform for product development aimed at increasing consumer awareness of AMP.

The launch of the marketing group will be followed by an advertising campaign in the UK in the second quarter of next year.

AMP UKFS managing director Tom Fraser says the latest initiative follows the year-long strategic push to integrate the three brands into a single business.

He says the next step is to build UKFS’s face-to-face direct sales force and independent financial adviser distribution capabilities.

“The launch of a single marketing group will continue to drive this strategy and generate further cost-savings across the business for AMP shareholders,” Fraser says.

Fraser says the withdrawal of many of AMP’s competitors from direct face-to-face advice means there is a lack of service available to people of all income groups, although particularly those on lower incomes.

“We believe that sound financial advice and excellent products should be available to all,” he says.