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”.
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