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Insurance standards will see greater trustee obligations - Column

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By Victoria Young
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3 minute read

Neil Macdonald, formerly head of technical governance at AMP Financial Planning, will lead the groups's enforceable undertaking project team, to change planners' processes and procedures.

The team was established after the enforceable undertaking AMP FP agreed with ASIC on July 27.

It is made up of AMP FP executives and external figures, and has appointed Deloittes as a dedicated external expert to review its processes, according to an AMP FP spokesman.

Project by project, it examines professional standards, improves documentation, vets financial planners' advice and writes to customers to offer a review of their advice, added the spokesman.

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AMP Advice Based Distribution (ABD) operations chief operating officer Paul Sainsbury has announced a shake up of the financial planning support network. It includes the departure of four managers from the team.

Sainsbury said 13 new positions will be added to regional operations nationwide. He said the move would provide support where it was needed.

Among recent key appointments, Lucie McFarlane has been recruited to planner practice solutions, Peter Lalor to customer solutions, Mike Kersten to implementation services, Mario Villa to business performance and Grant Potter to governance and advisory services.

"ABD Operations is now focused on improving planners' satisfaction with our support services and helping planners become more efficient and productive," Sainsbury said.

All the appointments have been made internally. One previous manager has a new job at AMP and another is seeking a new job internally.