AMP provided the following statement to ABC TV's Four Corners for its report on the company.
We acknowledge the concerns of our community and remain committed to regaining trust in AMP.
AMP acknowledges and has apologised unreservedly for the past misconduct and failures in regulatory disclosures in its Advice business. We have admitted we let down our customers and we are now working hard to make significant improvements across the business to ensure our focus is firmly on helping and supporting our customers.
We are strengthening our processes and governance in financial advice, and are working to accelerate the compensation of customers who received inappropriate advice or were charged fees incorrectly.
Under the leadership of our new chairman, David Murray, we are committed to cultural changes across AMP. We know this is critical if we are to earn back the trust of our customers, employees, advisers, shareholders and the broader community.
And we will do whatever it takes to regain this trust.
Brett Strong was a self-employed adviser, licensed by AMP Financial Planning for 14 months from 5 June 2013 – 5 August 2014.
After AMP notified Mr Strong of compliance issues including certain advice, he resigned in March 2014. His authorisation was terminated by AMP in August of the same year.
AMP will review the claims made by Mr Strong to the Four Corners program. We encourage any of our advisers or employees – past or present – who have witnessed behaviours they believe don’t put customers’ interests first to come forward with their concerns. They can do this formally or through our anonymous whistleblower channels. All concerns raised will be taken seriously.
Our advisers are able to advise on both AMP and non-AMP products. They have a legal obligation to only recommend a new product when it is in their client’s best interests.
Clayton Utz report
With regard to the investigation conducted for the AMP Board by Clayton Utz on the fee for no service issue, AMP reiterates its 4 May submission to the Financial Services Royal Commission that the Clayton Utz report could never have been considered as independent under ASIC’s Regulatory Guide 112. Nonetheless it was an uncompromisingly direct report into the issues.
ASIC was fully aware that Clayton Utz is a member of AMP’s external legal panel, and was acting for AMP in relation to ASIC’s investigation into fees for no service.