AMP’s Turn Under the Royal Commission Blowtorch; Uncertainty Rating Increased to High
This week, AMP joined some of its major banking peers in coming under the blowtorch of the Royal Commission into misconduct in the banking, superannuation, and financial services industry. The focus is now on the provision of financial advice within the Australian wealth management industry. Although it is still early in the hearings on wealth management, the Royal Commission has already highlighted several circumstances where AMP charged clients fees for no service, and allegedly provided false...AMP is a wealth management company in Australia and New Zealand, with an international investment management business and a retail banking business in Australia. Co. provides retail customers in Australia and New Zealand with financial advice, superannuation, retirement income and investment products. Co. also provides superannuation services for businesses, administration, banking and investment services for self-managed superannuation funds, income protection, disability and life insurance, and selected banking products. As of Dec 31 2015, Co. had total assets under management of A$226.00 billion.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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