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AMP to shut down Genesys

AMP will close its troubled Genesys dealer group, following a strategic review and round of negotiations between the licensee and a number of authorised reps.

An AMP spokesperson has confirmed to ifa that the institution “has taken the decision to rationalise the Genesys business following a strategic review” and that it has made arrangements to transition Genesys advisers to other AMP groups, “for those that are interested”.

A source from within the Genesys network – speaking to ifa on condition of anonymity – says a number of incentives have been put for authorised reps to stay within the AMP network.

“Genesys will close and we have been told we have until April 30 [2015] to find new arrangements,” the source said. “We have been offered a deal to stay within AMP.”

The source said that advisers choosing to join another AMP group will be paid “three times conflicted remuneration”.

The move follows ifa’s revelation that a number of Genesys authorised reps have been threatening to leave the group over disputes relating to technology and financial product recommendation restrictions.

Genesys was acquired by AXA in 2008 and subsequently became part of the AMP network following the merger in 2011.

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