AMP Limited has lost one of its largest corporate superannuation mandates, Australia Post Superannuation, to AustralianSuper.
Money Management has confirmed that the mandate, which was under threat following revelations during the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, has gone to AustralianSuper following a lengthy review.
The Australia Post Super mandate was regarded as being at serious risk following statements by the major unions associated with the fund, particularly the CEPU.
The union has now told its members that Australian Super has been selected as the new default superannuation fund provider for new employees who are ineligible to join the APSS and have not nominated another fund.
"Both Australian Super and AMP will contact you shortly with further information and will keep you up-to-date with progress of the transition," it said.
An AMP spokesperson confirmed the loss of the mandate and noted that "Workplace Super clients periodically review and sometimes change their service arrangements, which is a process we support".
"In the past 12 months, AMP has continued to win new mandates while growing some existing mandates, due to the strength of our offer," the spokesperson said.
Comments
I wonder how many Qantas Frequent Flyer points were offered to Australia Post executives?
Good luck to Aus Post employees trying to claim TPD when you fall off your Posty bike.
This is bad. The Hayne Royal Commission has caused so much irreversible damage because of its obsessive bias where all the cards have been dealt clearly in the hands of industry super. The obsessiveness and the sheer bastardisation by the prosecution has done financial services industry no favours. It does not matter how ethically the majority in the financial services industry behave, we have never receive the positive recognition we deserve. Images of the Royal Commission with Ian Silk and Ken Hayne appeared to be lovingly looking into each others eyes during Silks questioning. Absolutely sickening. The nails were sealed the coffin there
You are looking at the symptom rather than the cause. If AMP had acted in the best interests of its clients, and I don't mean financial advisors) then AMP would not have ended up being found out so badly by the Royal Commission. Who would put any money into anything that AMP manages? Who would recommend anyone put money into anything that AMP manages?
If the Federal Coalition Government had not been so opposed to the holding of the Royal Commission and allowed a decent duration of the Royal Commission then maybe there might have been an opportunity for a deeper investigation of industry funds.
Maybe the Royal Commission thought the amount of time that the Government did give it that there would be plenty of opportunity to do the industry funds. I Guess it was not expecting the for-profit side to be so bad and time consuming.
Not all for-profit funds acted corruptly, but that cannot be said for AMP.
Maybe there was nothing really wrong with industry funds (heaven forbid).
Time to get your head out of the sand over the Royal Commission.
CBA, Count, were hardly any better than AMP. Anyhow, the RC wastes on a lot time of petty issues.
although I question the high ethics of the majority, I dont believe the majority any sort of criminal. Aus Super just gets more ridiculously big, and create little extra jobs and just line the pockets of a few staff and unions (think communism). Furthermore, AFCA seems to have a (written) mandate to go after any and all Advisers going back forever and finding issues that were not even complained about. I am surprised ASIC gave AFCA powers to go back to 2008...considering record keeping laws dont date back that far. Means Advisers are on a hiding to nothing because no documentation means AFCA assume guilt!
beginning of the end for AMP.
Switch to First State Super and you could win $10K....... how is this OK?
https://firststatesuper.com.au/member
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