AMP loses another corporate super mandate
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.
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.
Recommended for you
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
Morningstar is going to offer research ratings of funds in the $3.5 trillion superannuation sector for the first time in response to demand from financial advisers.
Treasurer Jim Chalmers has opened a consultation into the design of the annual superannuation performance test, canvassing views on a range of reform options.