Australian Ethical divests from AMP
Following revelations of AMP’s governance issues uncovered in the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, Australian Ethical has announced it would divest from AMP for failing ethical investment standards.
Head of ethics research at Australian Ethical, Stuart Palmer, said AMP had given Australian Ethical no reason to change the Royal Commission’s assessment of the evidence presented to it.
Positive and negative screens, and an “ethical character” investment strategy, has guided Australian Ethical’s decision to completely divest from the bank.
This follows the resignation of three female AMP directors and a severe drop in the share price.
Recommended for you
With the highest number of candidates in a year sitting the latest financial advice exam, a surge of new entrants are expected in the coming weeks.
AMP has launched a range of five diversified index managed portfolios on its North investment platform, targeting a younger client demographic.
An NSW adviser, who advised over 120 clients after falsifying her financial advice exam results, has been permanently banned by ASIC.
ASIC has released the results from the latest financial adviser exam, the first to be run since changes to its structure earlier this year.
