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12-326MR AMP Horizons improves compliance measures following ASIC concerns
AMP Horizons Group is an authorised representative of AMP, one of Australia’s largest financial planning firms.
Following a surveillance of AMP Horizons, ASIC identified a number of areas that were not of the standard expected of an Australian financial services (AFS) licensee. These included the quality of the advice recommendations, aspects of the advice process used by AMP Horizons when obtaining client information, and how clients' reasons for seeking advice were identified.
In response to ASIC’s concerns, AMP Horizons has made changes to the oversight of its advisers and enhanced its quality assurance process at the point before clients are provided with advice.
AMP has co-operated fully with ASIC’s inquiries and ASIC acknowledges the constructive and prompt action taken by AMP to address its concerns.
At its own initiative AMP has completed an external review of its advice process in addition to its own internal review. Measures implemented include:
- a program of advice policy reviews
- revisions to advice template documentation
- a restructure of the planner supervision arrangements, and
- a training program for planners and those responsible for planner supervision.
‘ASIC commends AMP for its positive response to the concerns identified by ASIC,’ Commissioner Peter Kell said.
‘ASIC will continue to closely monitor the financial advice industry and what is provided to consumers by way advice.
‘For consumers to have confidence in the advice process it is essential they receive good quality financial advice that properly considers their circumstances and meets their needs.’
ASIC will continue to monitor AMP Horizons’ implementation of its measures.