AMP Limited has received confirmation that it has lost one of its largest corporate superannuation mandates – Australia Post.
Just weeks after receiving news that it had lost the Anglican National Super Plan to Mercer, AMP Limited corporate superannuation executives have been formally informed of the loss of the Australia Post mandate.
AMP Limited had forewarning of the loss of the mandate following the earliest hearing weeks of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services where it faced tough questioning over its attempts to “ring-fence” grandfathered commissions and fees for no service.
At that time, the Australian Council of Trade Unions asked industry superannuation funds to review their relationships with financial institutions and key unions covering workers employed by Australia Post expressed deep concern at what had been revealed before the Royal Commission.
Australia Post has not yet formally announced its choice of a new corporate superannuation provider, but Mercer is understood to have been among the front-runners of those superannuation providers under consideration.
Money Management understands that the boards of at least three other AMP superannuation clients are still considering their positions.
BlackRock boss Larry Fink praised Australia’s superannuation system in his annual chairman’s letter.
The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
Add new comment