Mohl says AMP to stay in the UK
AMP’snewly minted CEO, Andrew Mohl, has claimed the financial services giant is not looking to exit the UK market following concerns the group’s UK based Pearl operations would not meet minimum regulatory capital requirements.
Instead, Mohl maintains that that he is focused on driving up the return on capital in AMP’s UK Financial Services business.
“Right now we are committed to fixing the problems, not looking for an exit,” Mohl says.
“The fact is, we have a substantial financial services business in the UK and we are focused on improving its profitability and returns,” he says.
AMP has set benchmark returns for the business at 1.5 times capital, or 13-15 per cent.
Though Mohl admits AMP is revising its UK Financial Services strategy, he believes that the business will meet the ambitious targets.
“With 20:20 hindsight, we wouldn’t have invested as much capital in the UK as we have,” said Mohl.
“But let’s not lose sight of the fact that AMP is a financially strong company with a lot of potential.”
Andrew Mohl was appointed CEO of AMP early this week after the departure of former chief Paul Batchelor.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
