AMP Limited has confirmed that a number of former executives and board members have already paid a price for the matters raised in the Royal Commission via the forfeiture of long and short-term incentives.
However, it has defended its vertically integrated structure.
In a response to the Royal Commission released to the Australian Securities Exchange (ASX) today, AMP said the royal commission had been a catalyst for change within the company and that it would be working constructively with government, regulators, advisers and trustees to ensure change in the best interests of customers.
It said AMP embraced the need for change and had already taken significant steps to improve culture, governance and accountability including:
Commenting on the Royal Commission report, AMP chairman, David Murray said it would be a turning point for the industry.
However, he said: “AMP notes that the benefits of vertical integration remain available for customers while acknowledging that conflicts of interest need to be more effectively managed”.
“The proposed regulatory changes will require serious and determined effort to implement but, with the support of industry, should deliver better outcomes for customers,” Murray said.
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.
Cbus Super has unveiled Advice Essentials Plus, a new service offering affordable financial advice to both members and their partners.
The fund has launched a new tool to help deliver personalised financial education and digital personal advice to eligible members.
The QAR lead reviewer has told a Senate committee that the government’s demands of super funds conflict with their original purpose.