AMP supports commission cut

AMP's Australian chief executive Craig Meller said the 3500 advisers who distributed its products would use a hybrid model from July 1, of 80% upfront and 20% annual trail commission for the life of the policy.

Previously, they were paid 120% of the first year’s premium.

Advisers will only have access to first-year upfront commission once every five years per policy.

The Australian industry has come under intense pressure to reform adviser remuneration.