AMP has highlighted its support for the code of conduct model and educational structure that has been developed by the Financial Planning Association (FPA).
Speaking at a function held earlier this week for financial services media, AMP Financial Services Managing Director, Craig Meller, said that while AMP supports various organisations in their efforts to develop professional codes of conduct, his organisation supported the FPA in particular, for two key reasons. Firstly, because the FPA holds the Certified Financial Planner (CFP) accreditation capability and secondly because of AMP’s strong belief in the need to increase educational standards for advisers. Over time,Mr Meller said he would not be unhappy if the CFP accreditation became the norm for financial planner educational standards within the industry.
Mr Meller said AMP’s natural inclination would be to have a professional adviser body that can deliver that standard of accreditation as being the code of conduct ‘holder’. But he later told riskinfo he also supports the concept of a future industry model similar to that of the accounting profession, where there are several associations, each representing its members and operating under codes of conduct endorsed by the regulators.
Mr Meller added that what gave AMP greater concern was the continuing uncertainty surrounding the regulations supporting the Future of Financial Advice (FoFA) reform legislation.
Meanwhile, AMP has been hosting its annual adviser Expo over the last two weeks. The Expo is a national roadshow designed to showcase the group’s financial services solutions. Speaking to advisers at this week’s Sydney event, Mr Meller reiterated AMP’s commitment to the financial planning industry.
“Your interests are absolutely aligned with our interests. And the only way our business can be successful is if your business is successful,” Mr Meller said.
Following the merger with AXA last year, AMP now operates ten financial planning licenses, representing more than 3,500 authorised representatives nation-wide. According to Mr Meller, the size of the overall group puts AMP in a unique position to be able to add significant value to advisers and the financial planning industry more broadly. He said that one way AMP had demonstrated this was in how it has represented the industry to the key stakeholders, legislators, and regulators in what has been a “tumultuous time” in terms of regulatory change.
… financial planning is the core of what AMP does
“You should know that, from our perspective, , and we will put our front foot forwards to make sure that whatever changes are proposed to our market place are in the best interests of our industry, and the best interests of Australians,” Mr Meller said.
The event featured former Prime Minister John Howard as the guest speaker, who has been sharing with his audiences his views on key domestic and international issues impacting our social, political and economic future.
Accompanying the AMP Expo have been workshops designed to inform advisers about the latest enhancements to the (formerly AXA) AMP Elevate range of products and the services underpinning the delivery of those products to the market (see: AMP Elevate Upgrade).
