Australia’s AMP to comply with additional requirements from regulator By Reuters

© Reuters. FILE PHOTO: The logo of AMP Ltd, Australia’s biggest retail wealth manager, adorns their head office located in central Sydney, Australia

SYDNEY (Reuters) – Australian wealth manager AMP Ltd on Friday said it would implement additional license conditions dictated by the prudential regulator on its pension fund units.

The Australian Prudential (LON:) Regulation Authority (APRA) issued directions to AMP Superannuation Limited and N.M. Superannuation Proprietary Limited, collectively known as AMP Super, forcing it to comply with regulations governing the superannuation industry. The details were not disclosed.

Responding to the APRA statement, AMP said it would “fully implement the directions and additional conditions.”

“We have been working constructively with APRA on this matter and have already taken action on a number of the

issues raised,” AMP said in a statement.

AMP, Australia’s oldest wealth manager, is facing several class-action lawsuits filed on behalf of pension fund account holders and claiming overcharging of fees in the wake of damaging revelations of misconduct following the Royal Commission inquiry.

Problems identified by APRA included conflicts of interest, management, governance and risk management practices, breach remediation processes, addressing poor risk culture and strengthening accountability mechanisms.

The regulator’s directions also require AMP Super to renew and strengthen its board and to engage an external expert to report on remediation and compliance.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.