AMP loses another corporate super mandate

23 October 2018

AMP Limited has received confirmation that it has lost one of its largest corporate superannuation mandates – Australia Post.

Just weeks after receiving news that it had lost the Anglican National Super Plan to Mercer, AMP Limited corporate superannuation executives have been formally informed of the loss of the Australia Post mandate.

AMP Limited had forewarning of the loss of the mandate following the earliest hearing weeks of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services where it faced tough questioning over its attempts to “ring-fence” grandfathered commissions and fees for no service.

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At that time, the Australian Council of Trade Unions asked industry superannuation funds to review their relationships with financial institutions and key unions covering workers employed by Australia Post expressed deep concern at what had been revealed before the Royal Commission.

Australia Post has not yet formally announced its choice of a new corporate superannuation provider, but Sunsuper is understood to have been among the front-runners of those superannuation providers under consideration.

Money Management understands that the boards of at least three other AMP superannuation clients are still considering their positions.

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If the efforts of Jack Regan and Rick Allert at the Royal Commission is anything to go by, losing large clients and small ones for that matter, should be happening at a rapid pace.

Who could forget Regan's witness statements written apology, that when questioned about it, was forced to admit that he didn't actually know what he was apologising for!

And Mr. Allert, whose time in the witness box certainly provided a well rounded and convincing antonym to the definition of fiduciary duty, that's for sure.

The sooner AMP is stripped bare and sold off to be consigned into corporate history as a complete and utter waste of time and money, the better.

It's no surprise following AMP's stellar performance at the RC. First Anglican Super and now Australia Post. I've heard there are quite a number of large corporate clients looking at moving to competitors - for a start....think fresh food peoples.....
Once trust is broken it is extremely difficult to win back.

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