Here's some of the steps we're taking as we keep changing and improving, and answers to some of your important questions.
A message from our CEO
On 8 August 2019 we announced a new strategy that will reset AMP for the future, and help us better serve you, our customers.
Is my money safe with AMP?
Customer funds invested in AMP superannuation and managed investment products are held in trust structures, and strictly regulated, to protect customers’ interests.
Customer funds invested in AMP Bank retail deposit products are protected by the Australian Government’s guarantee on deposits. This applies for each customer’s combined holdings up to $250,000.
Is my super safe with AMP?
Super is strictly regulated to protect customers’ interests. The way super money is held and invested is carefully controlled and there are checks and balances at every stage.
The trustee of the super fund is responsible for its operation and has a legal duty to manage the fund strictly for the benefit of members (above the interests of AMP shareholders). The trustee must:
- manage investments properly
- employ qualified fund managers
- keep fund assets separate from its own assets
- manage the super fund for the benefit of members
- manage any conflicts of interest
- treat members fairly
- safeguard members’ interests against fraud and other adverse situations
- meet certain financial requirements.
Is the investment performance of my portfolio affected?
Investment performance is largely driven by the performance of the investments held within your portfolio. The recent fluctuations in AMP’s share price would only affect you to the extent that you may hold AMP shares within your portfolio.
AMP super, pension and investment products are invested in a broad range of assets, e.g. property, Australian shares, and international shares. Diversifying across many different investments helps mitigate risks to a customer.
What is the future of AMP face-to-face advice?
We strongly believe in the value of face-to-face advice for every Australian, and it remains an important part of our business. But we want to make it easier and more affordable for clients to access advice in a way that best suits them. So we’re investing in other forms of advice, such as online and phone-based, to complement our traditional face-to-face approach.
Changes already underway
We’ve renewed our board and appointed a new Chairman as well as four other new non-executive independent directors. And that’s because we know that while every employee is part of our culture, the ‘tone from the top’ is fundamental to achieving the culture we need to help and support our customers.
We took decisive action last year, with the appointment of our new CEO Francesco De Ferrari. Since joining AMP, our new CEO has restructured his management team and appointed new executives as we focus on turning our business around.
We’re committed to raising our standards of professionalism and ethics in financial advice. Last year we launched Adviser Pathways, an adviser training and development program for those new to the industry. For those already in financial services, we launched the Advice Improvement Program that focuses on ensuring our advice business is meeting contemporary standards, commercial best practice and giving advised customers confidence their adviser is providing advice in their best interests.
Stronger risk management, internal controls and governance
We realise change needs to start from the inside. In July 2018, we committed $50 million (pre-tax) a year over the next two years to strengthen our risk management, internal controls and governance. We’ve already funded a number of initiatives to strengthen practices on governance, culture and accountability, and we are committed to continuing to improve.
We’ve put in place a customer remediation program to identify and remediate customers of advisers who received inappropriate advice, or paid fees where there is insufficient evidence service was provided, as quickly as possible. By building the necessary infrastructure and systems, we are on track to compensate all affected customers within the estimated planned three-year timeframe.
Supporting our community
Our AMP Foundation aims to help create a better tomorrow for everyone - especially those facing challenges accessing education and employment opportunities. Every year, AMP’s Tomorrow Fund offers $1 million in grants to amazing Australians doing great things in any field. Individuals of all ages, interests and abilities, working towards goals with community benefit are invited to apply for grants benefiting any field of endeavour – from art to athletics, science to social innovation, music to medicine.
Reshaping our business
We want to reshape our business as a simpler, more focused group. We have announced the sale of our Australian and New Zealand insurance and mature businesses to Resolution Life, with the sale proposed for the first half of 2020. Resolution Life specialises in owning and managing large insurance businesses and is focused on existing customers. Its approach to prioritising customers is closely aligned with AMP, which was a key factor in the decision-making process.
We will be reducing the number of our superannuation products and investment options, so we can offer simpler and more competitive features to you. Many customers impacted by this change will receive more information in the coming months.
We want to make it easier and cheaper for you to do business with AMP.
- In 2018, we reduced fees for around 600,000 customers of AMP’s MySuper products. These reductions will help to improve the outcome for customers in preparation for retirement.
- We made a series of fee reductions to our flagship MyNorth wrap platform, benefiting more than 85,000 customers. The reductions will provide significant savings for existing and new superannuation, pension and investment customers.
- If you're charged a fee for using your AMP Bank Access card at any ATM in Australia, you’ll receive a full rebate for that fee.
Have a question or want to provide feedback? Email us
Before deciding what’s right for you, it’s important to consider your particular circumstances and read the relevant Product Disclosure Statement, Target Market Determination or Terms and Conditions available from AMP at amp.com.au or by calling 131 267.
Any advice and information provided is general in nature, hasn’t taken your circumstances into account, and is provided by AWM Services Pty Ltd ABN 15 139 353 496 (AWM Services), which is part of the AMP group (AMP). Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice.
MyNorth is a registered trademark of NMMT Limited ABN 42 058 835 573, AFSL 234653.
All banking products are issued by AMP Bank Limited ABN 15 081 596 009, AFSL and Australian credit licence 234517.
All information on this website is subject to change without notice. Although the information is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You should not rely upon it and should seek professional advice before making any financial decision. Except where liability under any statute cannot be excluded, AMP does not accept any liability for any resulting loss or damage of the reader or any other person.