News Articles for AMP

The Reserve Bank of Australia has held the cash rate steady at 4.35 per cent as expected but economists have noted a shift in the board's tone.

The Reserve Bank of Australia continues to hold the cash rate steady at 4.35 per cent at its third board meeting of the year.

A Perth financial services business run by a former AMP adviser has pleaded guilty in court to submitting dishonest client insurance forms.

Shopping centre owners are increasingly exploring ways to incorporate residential components into retail districts.

Sydney-based GPT Group is set to manage AMP's Karrinyup Shopping Centre, as the management of the group's retail assets changes hands.

Australia's unemployment rate has fallen to its lowest in almost five decades with more positions open than jobseekers to fill them.

Costs for Australian businesses rose 5.6 per cent in the 12 months to June 30, their biggest increase since December 2008.

Wealth manager AMP says that it has received interest from outside suitors in its AMP Capital business, as it handed down a full-year net loss.

Former AMP financial adviser David Fong and his financial planning company have been charged with engaging in dishonest conduct following an investigation by the corruption watchdog.

Financial services giant AMP has posted a 28 per cent drop in first-half net profit after weaker performances at its main wealth management and AMP Capital businesses.

Wealth manager AMP is embroiled in another fees for no service controversy, this time with superannuation customers.

Financial services group AMP will not face criminal prosecution three years after a banking royal commission found it had charged fees to thousands of dead customers.

Financial regulator ASIC is taking wealth manager AMP to court for selling life insurance to dead people – one of the controversies from the banking royal commission.

AMP chair Debra Hazelton has urged shareholders to be patient amid the transformation strategy that she expects will deliver long-term value.

Wealth manager AMP will spin-off and list one of its key business units after a potential sale fell through.

The fate of AMP CEO Francesco De Ferrari has finally been revealed, a week after the wealth manager tried to hose down reports he was leaving.

AMP denies media reports that chief executive Francesco De Ferrari has resigned, but says he and the board are discussing the wealth manager's future leadership.

A corporate governance expert says boards across Australia need change following high-profile departures at AMP over a sexual harassment complaint.

Gold miner Saracen Mineral Holdings has been added to the S&P/ASX 100 stock index, reflecting strong growth in the company's market value this year, while Seven West Media's steep slide has see

AMP has been ordered to pay a $5.2 million penalty after the Federal Court found the bank had failed to take reasonable steps to ensure its financial planners complied with the best interests duty.

Australia's trade surplus widened to $5.8 billion in November, with the 42 per cent increase fuelled by higher mining exports and a likely weakening of domestic demand.

AMP is combining its banking and Australian wealth management units in a major restructure, creating a new organisation called AMP Australia.

AMP has posted a $2.29 billon first-half loss on the back of a $2.35 billion impairment ahead of a large-scale overhaul of its slimmed down operations.

Wealth manager AMP has been hit with a class action lawsuit for allegedly charging superannuation fund members unjustifiably high fees for an extended period of time.

AMP has scrapped short-term cash bonuses and cut directors' fees in an effort to avoid a second shareholder strike on remuneration and possible board spill at May's annual general meeting.

The Reserve Bank of Australia's stance on rates may be getting a little less neutral after Australian economic growth fell well short of the central bank's own downgraded forecast.

AMP's full-year profit has plummeted 97 per cent to a worse-than-expected $28 million after the beleaguered wealth manager set aside millions in customer remediation and reported weakness in its superannuation business.

AMP has continued the overhaul of its upper ranks, replacing the head of its wealth management unit days after the release of the royal commission's final report.

Some of Australia's bank chiefs remain unwilling to accept responsibility for poor conduct, royal commissioner Kenneth Hayne says.

Women accounted for 29.7 per cent of ASX200 board members by the end of last year, an increase of more than 10 percentage points since the Australian Institute of Company Directors in 2015 called for ASX200 companies to achieve 30 per cent female representation on boards by the conclusion of 2018.

AMP has flagged a 96 per cent drop in full-year profit and a drastically smaller final dividend after confirming it will set aside another $200 million to cover the cost of customer remediation related to issues heard at the banking royal commission.

Shares in AMP tumbled nearly 20 per cent after the under-fire wealth manager announced plans to sell its Australian and New Zealand wealth protection and mature businesses to London-based Resolution Life for $3.3 billion.

Australia's big banks and financial institutions are taking years to realise they have broken the law and too long to fix problems that have left 5 million consumers out of pocket by $500 million.

Troubled financial services giant AMP has appointed long-time Credit Suisse executive Francesco De Ferrari as its new chief executive, effective December 1.

AMP has been hit with a fourth shareholder class action over the scandals revealed at the Financial Services Royal Commission and the resulting damage to the embattled financial giant's market value.

The corporate watchdog has banned a former Perth-based AMP financial adviser from providing services for the next five years after he was found to have given clients poor advice.

Angry shareholders have put AMP's board on notice, delivering a 'first strike' with a huge vote against the company's executive pay report.

Two of the three AMP directors standing for re-election at this week's annual general meeting have decided to resign, with the company's longest-serving director to follow.

AMP has revealed almost 16,000 of its customers paid fees for financial advice they did not receive, while arguing it "strenuously denies" recommendations it face criminal charges over the scandal.

AMP chair Catherine Brenner has quit with immediate effect as the fallout widens from the fees-for-no-service scandal at the Financial Services Royal Commission.