AMP is yet to decide the future of its New Zealand operations, AMP Interim Executive Chairman, Mike Wilkins’, indicated at its AGM held last week.
Wilkins said, “…whilst we continue to progress the portfolio review, we are currently prioritising the performance of the business, Board renewal and the appointment of a new CEO,” referring to the portfolio review of its manage for value businesses, including AMP New Zealand.
AMP has had its hands full with repercussions from Australia’s Banking Royal Commission, seeing around half of its Board resign, including its former Chairman and former CEO.
AMP New Zealand stated it, “fully supports efforts by the FMA and RBNZ to maintain consumer trust and confidence in the industry.”
Managing Director, Blair Vernon, says AMP New Zealand has a strong focus on compliance, good conduct and a continuing open and transparent relationship with regulators and the Insurance and Financial Services Ombudsman.
“We are actively engaged with the FMA and RBNZ in responding to the current review of local providers.”
“We are actively engaged with the FMA and RBNZ in responding to the current review of local providers,” he said.
“We are further committed to promoting and supporting appropriate practices across our industry and as part of this we recognise that it is vital for providers to continue to review and evolve their business practices.
“It’s business as usual for AMP in New Zealand,” Vernon said.