AMP will reduce the headcount across its superannuation and North platform businesses and press ahead with changes to its redundancy policies even as the Finance Sector Union warns that “staff deserve better”.
By reneging on long-standing employment deals, AMP has again given the impression that it has welched on an existing agreement once it realised the deal wouldn’t work out in its favour. Do that repeatedly and people stop wanting to do business with you.
AMP has cut redundancy pay maximums and notice periods in a move that has left long-term employees dismayed after they stuck with the company through the royal commission and its aftermath.
AMP’s executive spine has done a remarkable job of arresting the company’s decline, but its refusal to accept the court’s decision that it shortchanged advisers on BOLR deals is an egregious misstep that could put its trust account with those advisers back in the red.
Hartley, who joined AMP from Sunsuper in January 2021, will help transition the AWM business to a flatter human resource model before leaving the group in late November.
The Financial Services Council and its provider members are putting their weight behind the advice review leader’s suite of reforms as the December 16 delivery date looms.
The institutional provider’s AUM and profit lines stayed red in 1H22, but positive signs emerged.
