AMP New Zealand welcomes FMA and RBNZ review

10 May 2018

AMP New Zealand welcomes FMA and RBNZ review and provides update on New Zealand business

As the Australian Royal Commission continues and there is an increased focus by New Zealand regulators on the activities of New Zealand banks and financial service providers, AMP New Zealand fully supports efforts by the FMA and RBNZ to maintain consumer trust and confidence in the industry.

AMP New Zealand Managing Director, Blair Vernon, says, “We understand what a privileged and trusted position we’re in and AMP New Zealand is proud of our strong track record when it comes to ensuring quality outcomes for our customers, including putting things right when we need to. That’s underpinned by our rigorous focus on compliance and good conduct and the open and transparent relationship we have with New Zealand regulators and the Insurance and Financial Services Ombudsman.

“We are actively engaged with the FMA and RBNZ in responding to the current review of local providers. We welcome the opportunity to demonstrate the integrity of our business and operations and the many ways in which we protect the financial wellbeing of our customers.

“We continue to partner closely with our QFE advisers to maintain the highest standards of advice quality, disclosure and transparency. We are further committed to promoting and supporting appropriate practices across our industry and as part of this we recognise that it is vital for providers to continue to review and evolve their business practices. AMP’s conclusion of its offshore development programme highlights our proactive approach to addressing any perceived issues of conflicted remuneration.”

AMP Executive Chairman Mike Wilkins has today provided an update on the continued progress of the portfolio review of AMP’s manage for value businesses, which includes AMP New Zealand, and the prioritisation of business performance and Board renewal.

“It’s business as usual for AMP in New Zealand. We continue to evolve our proven strategy, drive and maintain our strong track record of solid performance, and most importantly live up to our deep commitment of supporting our customers, like those who in 2017 received $225 million in claims to help them and their families in their time of need,” said Mr. Vernon.

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