One claim has been filed in the Supreme Court of New South Wales and another in the Federal Court of Australia.
Both relate to shareholders acquiring an interest in AMP, which the insurer says it will “vigorously defend” against.
Addressing the AGM
Speaking at AMP’s annual general meeting on 10 May, interim chairman Mike Wilkins acknowledged the damning revelations that came out of the Royal Commission.
“The past few weeks have been exceptionally difficult for AMP and for you, our shareholders, for our customers, our advisers and our employees.
“It is only right that I begin by reiterating and reaffirming our unreserved apology. We are truly sorry.
“The issues highlighted in our advice business are unacceptable. We let you down. We have let our customers down. And, we have let the wider community down.”
Wilkins apology did little to pacify shareholders attending the AGM, however, as they voted 61.2% against the adoption of the remuneration report for the year ended 31 December 2017.
Financial results
Details of the class actions were made public on the same day AMP provided a first quarter trading update.
Group assets under management (AUM) breakdown:
| 1Q18 | 4Q17 | Change | |
| Superannuation | A$77,160m | A$78,248m | (-1.4%) |
| Pension | A$35,404m | A$35,191m | 0.6% |
| Investment | A$15,724m | A$15,950m | (-1.4%) |
| Total | A$128,288m | A$130,389m | (-1.6%) |
Wilkins added: “AMP stands behind its advice business, and the value it creates for customers. However, we have been very disappointed that, in some instances, our customers have not received appropriate levels of service for the fees they have paid.
“We are working hard to accelerate the remediation for our customers.”
adkinson@private-capital.com.hk says:
I wonder if this revelation will educate the public that a bank is the very last place to go for advice.