AMP to accelerate advice remediation
AMP Limited has formally moved to restore its reputation with the announcement of an accelerated advice remediation program and fee reductions across its superannuation products.
In an announcement released on the Australian Securities Exchange (ASX) today, the company said that the advice remediation program was being accelerated to ensure impacted advice customers were appropriately compensated with the result that the company’s first half results would be impacted by a provision of $290 million.
The company said it was also delivering better value to superannuation customers through fee reductions to its flagship MySuper products with the pricing reductions being implemented in the third quarter.
The company said it expected to deliver a fist half underlying profit in the range of $490 million to $500 million, which it said would demonstrate growth acoss its core businesses.
Recommended for you
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.