AMP

Monday, July 06

AMP slashes dividends after profits crash

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.

Banks royal commission claims another AMP scalp

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.

National Australia Bank is the latest financial institution to front the Banking Royal Commission. Photo: Dave Hunt / AAP

Death of the ‘Fair Go’

Evidence of widespread wage theft and revelations of a rotten culture in the nation’s financial sector point to a social contract in tatters – and will leave a lasting legacy of distrust and decay, writes Malcolm King.

AMP faces likely shareholder class action

A global law firm is investigating a possible class action against financial services giant AMP, which has admitted to cheating customers and lying to the corporate regulator.

AMP shares falling amid "deeply disturbing" advice scandal

AMP shares continue to fall after the wealth management giant admitted charging clients for advice they never received and said its staff had repeatedly lied to the corporate watchdog.

Super changes expected to boost advisers

AMP chief executive Craig Meller expects a bump in business as people turn to financial advisers to decipher the government’s changes to superannuation.

Home loans fall to seven-month low

Home loan approvals have slumped to a seven-month low in the first month of 2016, during the traditionally slow holiday season.