Australian regulator slaps stricter conditions on AMP’s pension funds, shares fall
Australia’s banking watchdog on Friday said it had imposed stricter licensing conditions on AMP Ltd’s pension fund units following concerns regarding its compliance with superannuation laws, sending its shares down more than 4%.
The move comes as the country’s largest listed wealth manager works to rebuild its brand after revelations of serious wrongdoing at an inquiry into the financial sector last year, including the charging of fees for services not rendered.
Responding to the Australian Prudential Regulation Authority (APRA), the 170-year-old company said it would “fully implement” the additional requirements dictated by the regulator at pension fund units AMP Superannuation Limited and N.M.
Superannuation Proprietary Limited, collectively known as AMP Super. Neither APRA nor AMP disclosed details of the conditions. “We have been working constructively with APRA on this matter and have already taken action on a number of the issues raised,” AMP said in a statement.
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