Clicky

AMP acknowledges super hit

AMP Limited has acknowledged a multi-million impact resulting from passage of the Government’s new superannuation legislation.

AMP has notified the Australian Securities Exchange (ASX) that it had completed an assessment of the legislation and the indicative operating earnings impact on AMP’s retained businesses this financial year was expected to be around $10 million after tax, with an annualised impact of $30 million after tax from 2020.

The company said these estimates were prior to a number of potential mitigants including offsetting actions to retain customers and revenue, administrative cost efficiencies and the consolidation of low balance superannuation accounts from other industry participants into AMP active accounts.

It said the earnings impact would predominantly be in the Australian wealth management business, which would be required under the legislation to transfer approximately 370,000 low balance superannuation accounts to the Australian Taxation Office (ATO).




Related Content

Financial system reform needs rigor: FSC

While the appetite for immediate reform of the financial services industry is clearly strong, Financial Services Council (FSC) chief executive officer...Read more

Don’t use super to plug Govt policy gaps

The early release of superannuation should not be used to fund gaps in other government policy areas, particularly healthcare and income support, acco...Read more

ATO SMSF auditor referrals to ASIC “steadily increasing”

As pressure on regulators to become bigger and better enforcers grows, the Australian Taxation Office (ATO) has said that it’s already referred 37 s...Read more

Author

Comments

Comments

The unconscionable behaviour from AMP just goes from bad to worse.
Round up their directors, ex-directors, Wilkins (who has been on the board all the way through this) and lock them up, as an example to all.

Really,really!

How about:

Same rules for brokers and planners - senior management and boards commence and do the FASEA, time is up they need to be brought up to date. Degrees and qualifications are outdated and they need to go back to uni.

How about

Senior Management and Boards get paid the same as brokers and planners - no percentage or bonuses as percentage of AUM increase or other metrics. Just a flat fee. Let's do it same as proposed by Labor for taxation - cap it out

How about

Director and management indiscretions get the same penalties and they can go to gaol. Have any director been to gaol as yet for fees for no service

I am sure much much more than everything is equal

Add new comment