AMP Financial Planning upgrades enforceable undertaking customer numbers
AMP Financial Planning (AMPFP) has announced that it has significantly upgraded the number of customers it will be contacting in relation to the enforceable undertaking it entered into with the Australian Securities and Investments Commission (ASIC) last year.
In an announcement released on the Australian Stock Exchange this morning, the company said it had originally estimated that around 7,000 customers out of a total of 720,000 would need to be contacted, but this had been upgraded to 35,000 customers.
AMP chief executive Andrew Mohl said the implementation of the undertaking on client rectification had proven to be far more complex than anticipated.
He said the number had changed as a result of AMPFP’s own verification processes, as well as discussions with ASIC and external expert Deloitte
Mohl said this had resulted in the inclusion of existing AMPFP retail superannuation clients as well as new retail superannuation clients.
AUTHOR
Mike Taylor
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
