AMP Limited says it welcomes the Future of Financial Advice reforms announced by Minister for Financial Services, Superannuation and Corporate Law, the Honourable Chris Bowen.
AMP Financial Services Managing Director, Craig Meller, said AMP is supportive of government’s steps to increase consumer confidence in the financial services industry. AMP also recognises the government has undertaken a series of comprehensive reviews providing the opportunity for the financial services industry and consumers to contribute to this important debate.
“Many Australians seek advice on fundamental life decisions such as buying a home, protecting their families and preparing for retirement. As an industry we need to ensure Australians have confidence in the quality of the advice they receive and that it is delivered as efficiently and cost effectively as possible,” said Mr Meller.
AMP says it has already responded to evolving consumer needs and preferences by providing greater transparency and simplicity, and taking greater responsibility for the financial advice process.
“From 1 July this year, two years ahead of the Government’s deadline, there will be no commissions on investment and superannuation products sold by AMP Financial Advisers. AMP has also introduced a low cost entry level superannuation product – AMP Flexible Lifetime Super Easy – which aims to make superannuation simpler and more accessible for Australians,” Mr Meller said. AMP says it “looks forward to working with both the industry and the Government as the new regulations and legislation are developed.”
About AMP: AMP is a leading wealth management company operating in Australia and New Zealand, with selective investment management activities in Asia (through AMP Capital Investors) and a growing banking business in Australia. AMP has two core business units: AMP Financial Services (which provides financial planning advice, superannuation, retirement savings and income products, investments, risk insurance and selected banking products); and AMP Capital Investors (which manages investments for clients across all the major asset classes including equities, fixed interest, infrastructure, property, diversified funds and multi-manager funds). In Australia, AMP is a leading provider of retail and corporate superannuation and retirement income products. They have one of the largest aligned planner forces in Australia and New Zealand.
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