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Jenny Ruth
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Don't tinker with super: AMP

Thursday 10th of May 2012

AMP says “very subdued cashflows” experienced in calendar 2011 have continued into the first quarter of this year. Indeed, AMP Financial Services (AFS) experienced a A$292 million net cash outflow in the three months ended March. That was down from the A$331 million net outflow in the December quarter and up from the A$133 million outflow in the March quarter last year.

The company says this reflects “continued uncertainty and subdued investor sentiment.”

However, its New Zealand business provided a bright spot with a net cash inflow of A$47 million in the quarter, up from A$26 million in the same quarter a year earlier.

AMP's risk insurance annual premium income rose to $1.91 billion at March 31 compared to A$1.89 billion at December 31 and A$1.76 billion at March 31 last year. New Zealand premium income rose to A$260 million in the latest three months from A$249 million in the December quarter.

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All things said are great aspirational goals for a great financial advice industry, it mirrors what both the legislation and the code requires. However, like most things discussed it talks about what's expected not how it's done. The hardest aspect of financial advice today isn't what it is, it is how it is done. The how only comes from those that have done it, the how is only provided with examples. Guidance documents that spell out what's required along side how it it done. We’re still dealing with the same issues we started with in 2021, figuring out the how. And figuring out the how in every advice business is consuming resources that could easily be shortcut by the FMA demonstrating what they are expecting. It's not about “do it this way” its about this is the sorts of things we’re looking for. In the absence of standards and expectations, guesswork prevails. That represents significant risk to FAPs and the result is onerous overcooked advice processes for multiple advice operations and undercooked she’ll be right for single operators focused on getting the work done. Both approaches have potential for harm and as its been said earlier, leaves advisers open to explain they haven't been speeding with the authorities have pulled them over. The advice industry needs guidance on the how we know the what already.
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Who is responsible for notifying policy changes?
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To correct errors in my previous post: "policies, templates, and controls" should read "policies, processes, systems and controls", and "is more conductive" should read "is more conducive".
2 days ago Paul Flood
FMA outlines its latest expectations for advisers
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2 days ago agressively passive