We are working closely with practices as we reshape our advice network given the significant disruption and regulatory change taking place across the industry including the ceasing of grandfathered commissions.
In relation to the 31 October deadline, AMP wanted to provide sufficient time for practices to consider their options, after which they enter into a transition period appropriate for their choice. It also creates an appropriate milestone to ensure practices work toward making a decision, and that AMP can plan and progress its advice business reshape.
In our ongoing engagement with advisers, we’ve listened to their feedback that some require additional information before they can properly consider their options. We’ve therefore decided to push back the decision date to 29 November. We had already extended the deadline for practices who previously told us they needed more time.
We are committed to helping our advisers to choose the right path forward for them, their staff and their clients, and we are continuing to support them with a range of initiatives through this period. The pathways available to them include transitioning out of the network, restructuring or retention in certain circumstances.