The services came to a halt on 10 December, ASIC said in a statement.
Under the tailored licence conditions, a senior executive of AMPFP was required to provide an acceptable attestation to ASIC by 30 September 2019 confirming that it had complied with and was complying with the tailored conditions.
ASIC said this was to ensure that all of the required improvements to monitoring and supervision practices had been implemented and were operating effectively.
Subsequently, AMPFP did not provide ASIC with an acceptable attestation in relation to its provision of MDA services.
The attestation provided by AMPFP had exceptions, which ASIC deemed unacceptable, and AMPFP ceased providing MDA services in accordance with its licence conditions.
In March, following a surveillance of AMPFP’s MDA services and advice business, ASIC granted AMPFP’s application to vary its AFSL to provide MDA services subject to some tailored licence conditions.
The tailored conditions formalised commitments made by AMPFP in response to ASIC’s concerns to improve monitoring and supervision of its discretionary investment services and related financial advice.
The sooner AMP gets wound up the better. They have been ripping off clients for years and now that the gravy train has ended they are now cannibalizing their own advisers.
Does this also apply to the AMP brand, Hillross?
Nope, Charter / Hillross still have MDA capability I’m told.
Haha…the headline website is titled “Independent Financial Adviser” yet most of the news, opinion and commentary is about the big instos. Why we i.e. IFA and advisers continue to give shelf space to these parasites is beyond me.
Just had a look at your website mate and you are licensed by Apogee and are an Associate adviser maybe look in the mirror
You’ve made some grand assumptions there, Anon. You are incorrect. There is no website and I’m definitely not licensed by Apogee or any of the other parasites.
Not licensed ?
Where are all the anti AMP Boomers at? How’d i get within the first 3 comments? I imagine the blood starts rushing when they see and IFA article that has AMP in the title. Cant wait to sweat out over a comment on this one. “I’m going to give them hell this time Nance!”
Looking back AMP has done more harm then good to the financial planning industry. I hope they keep dropping things and get our of advice entirely and just sell Life Insurance. Santa will soon be delivering “AMP annual renewal notices” legislation to an office near you.
The insurance business has been sold to Resolution Life Joe, transaction expected to settle early next year. AMP will just be the Bank, Wealth (Advisers and some other stuff) and Capital from then.
think you need to go back and look at what they have already gotten out of.