AMP gets ASIC go ahead on licences
AMPhas had the 10 Australian Financial Services Licences it applied for last month to the Australian Securities and Investment Commission (ASIC) granted by the peak regulator.
The licences issued by ASIC under the Financial Services Reform Act will be effective across AMP’s entire Australian business, which includes its funds management, superannuation, life insurance and banking operations, as of January 1 next year.
AMP Financial Planning,Hillross Financial ServicesandArrive Wealth Managementdealer groups, are all included in the business areas that have been granted AFSLs.
Other areas being granted licences includeAMP Henderson Global Investors,AMP Life, AMP Superannuation and AMP Bank.
AMP now has 11 AFSLs, after its recently launched accountant focussed Magnify Financial Planners dealer group was granted a licence separately last month.
The new licences offer some positive news to the group which announced a delay in the release of its demerger document - due out tomorrow - by two weeks and led to a slight decline in its share value, after initially falling 2.2 per cent on Tuesday.
It is understood three parties are performing due diligence on AMP’s UK life business but they’re awaiting for the disclosure of details relating to the ‘embedded’ valuations of the UK life funds - NPI, Pearl and London Life.
“While our timetable is tight the demerger remains achievable by the end of 2003," Mohl says.
AUTHOR
Craig Phillips
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