AMP Ltd’s board plans a portfolio review of the Group’s assets and businesses as part of its transformation strategy to create “a simpler, leaner business”. Credit Suisse, Goldman Sachs and King & Wood Mallesons have been appointed AMP’s advisers to manage the review.
Author: Eva Wiland
Business journalist with passion for food now permanently in Sydney after peripatetic existence ferreting out the truth around the world without fear or favour.
NDIS taskforce in large-scale insurance fraud raids
The National Disability Insurance Scheme (NDIS) Fraud Taskforce has raided several premises as part of an investigation into large-scale fraud allegedly committed by a western Sydney healthcare practitioner.
Major reshuffle at AMP: Murray resigns, AMP Capital CEO steps down
AMP Ltd chair David Murray has resigned and Boe Pahari has stepped down as AMP Capital CEO, after pressure from shareholders in response to sexual harassment allegations against Pahari.
Members continue to empty super accounts
Super funds made payments to 129,000 members over the week ended August 2, APRA’s latest data on early release super show, bringing the total number of super member payments to about 3.9m. The total value of payments during the week was $1bn, $30.3bn overall since the scheme’s start on April 20.
ASIC presses super trustees to refund for higher default ‘smoker’ premiums
After an ASIC investigation, nine super After an ASIC investigation, nine super trustees have ceased charging new members life insurance premiums at higher smoker rates after labelling them as “smokers” by default.
Hannover Re expects major loss from Beirut explosion
It is “pretty certain” the August 4 explosion in Lebanon’s capital Beirut will be “a major loss” for Hannover Rück SE, S&P Global reports, quoting the reinsurer’s property and casualty head Sven Althoff.
Covid-19 forces ‘complete’ overhaul of APRA’s 2019-23 corp plan
APRA has had to completely overhaul its 2019-23 corporate plan, including super system improvements, since the onset of the covid-19 pandemic, chief Wayne Byres, told the House of Representatives Standing Committee on Economics yesterday (August 5). He said all policy initiatives had been suspended until September 30. “(O)ur aim has been to help steer the…
Former FA gets prison sentence for operating Ponzi scheme
A former financial adviser (FA), cited for operating a “Ponzi scheme”, was on July 31 sentenced in the NSW District Court to six years’ in prison for misappropriating $1.86m of client funds.
AMP Aust boss quits
AMP Ltd has accepted the resignation of AMP Australia CEO Alex Wade and confirms Wade will step down immediately. In a statement to the ASX today (August 6), AMP said NZ Wealth Management CEO Blair Vernon would become acting AMP Aust CEO, while the company started looking for a permanent replacement. Vernon, who had led…
AMP’s earnings dive as class actions loom
AMP Ltd last Friday (July 31) provided an update on its 1H20 interim operating earnings, showing bruising effects from covid-19, including market volatility and a credit loss provision in AMP Bank.
Global covid-19-related insurance losses $29bn and growing
The running total of global covid-19 related losses, reserves and estimates reported by insurers and reinsurers to Zurich-based financial services advisory PeriStrat LLC, were $US20.75bn ($A29bn) as of July 28, according to Reinsurance News.
FCA-insurer stoush over BI payout erupts in UK High Court
A stoush between UK’s Financial Conduct Authority (FCA) and insurers over cover for business interruption (BI) during the covid-19 pandemic has erupted before Lord Justice Julian Flaux and Justice Christopher Butcher hearing a test case in the British High Court to find clarity on the issue.
