AMP Announcement Shakes Advisers

Thursday’s announcement of AMP’s half yearly results was widely anticipated by the finance sector, who expected an outline of AMP’s “new strategy”. After a dismal 18 months which included getting spanked at the royal commission and seeing its share price tumble 70%, Financial Advisers licensed by AMP were sweating on announcements, perhaps more than anyone else, and what they heard will prove devastating for many, with AMP set to shed hundreds of advisers as well as making changes to their Buyer Of Last Resort (BOLR) arrangements.