Below is an open letter written by AMP CEO Francesco De Ferrari to all customers.

As CEO of AMP, I want to update you on the changes we’re making in response to the challenges of 2018. We made many mistakes and fell short of the standards expected of us.

At AMP we have been changing a lot. From the outside it may seem that we are not moving quickly enough. I want to assure you that these changes are fundamental in transforming AMP and we are building momentum every day.

Some of the important actions we’ve already taken include:

• Appointment of four new Board members, a new Chairman and renewed senior leadership team that will drive accountability across the organisation.
• Strengthened internal processes and how we oversee decision making.
• Introduced a new code of conduct so all our people are clear on what’s expected of them.
• Enhanced our whistleblowing program.
• Increased focus on repaying customers who we let down and were charged fees without service or received inappropriate advice as we are determined to do the right thing as quickly as possible.

We know we have a job to do to earn back your trust and confidence.

Going forward we are refocusing on our customers and the continual improvement of our products and services. There is more to come but to date this includes:

• Reducing fees on MySuper products.
• Reducing fees on MyNorth products.
• Rebating from 1 June 2019 any ATM fees charged at Australian ATMs, across all AMP Bank accounts.
• Launching a highly competitive interest rate for the AMP Saver Account.

To our customers, I’d like to say thank you for giving us the opportunity to change and improve. I am determined to raise the standards of what we do and not just live up to but exceed them. By doing so we will deliver on our promise of helping people take control of their money and achieve their financial goals.

We have a lot of work to do but regaining your trust and respect remains my top priority.

Yours sincerely

Francesco De Ferrari

Chief Executive Officer, AMP Limited

To keep track of our progress visit www.amp.com.au/changeandimprove