AMP is introducing lower fee caps and a simplified fee structure for its market-leading investment wrap platform, MyNorth.

The changes, which take effect from 12 August 2017, will reduce costs and provide greater fee flexibility and transparency for new and existing customers and their families.

Under the new structure an individual customer's combined portfolio value will be used to determine their administration fee, with their total fee capped at $3,500 per annum. The reduced fee covers individual and joint accounts, SMSFs, trusts, and company accounts, of which the individual is a trustee, beneficiary or director.

In addition, up to four family members, with as many as six accounts each, can be grouped to determine their total portfolio value and administration fee, which will be capped at $4,500 per annum. Family members include spouses, de facto partners, parents, children, siblings, grandparents and grandchildren of the primary account holder.

"We will continue to invest in the award winning MyNorth platform to ensure it provides customers and advisers with a contemporary, simple and cost efficient way of managing a broad suite of investments and investment strategies,"commented Vicki Doyle AMP's Director, Superannuation, Retirement & Investments.

"We want to work with advisers to help customers and families achieve their goals and these reduced fees and increased flexibility are designed with this in mind."

The changes follow enhancements to MyNorth announced in May this year, including the removal of platform administration and investment fees on the North cash account and new reporting functionality.

MyNorth was earlier this year awarded 2017 Advised Product of the Year at Chant West's super funds awards.

MyNorth is part of AMP's North platform, which recently passed $30 billion in assets under management.

For more information see: https://www.amp.com.au/adviser/offers