Home Wealth Superannuation AMP clarifies state of fresh super scandal

AMP clarifies state of fresh super scandal

Is AMP remediation about to surpass $1 billion?

Jack Derwin

Digital Journalist, Your Money

AMP acting CEO Michael Wilkins has fronted media after his testimony at the royal commission, attempting to play down concerns the bank’s corporate super arm is in crisis.

Making a statement outside Melbourne’s Commonwealth Law Courts, Wilkins restated the bank’s position following its fees-for-no-service scandal and insisted that its current estimated loss of $778 million would not blow out further.

“The corporate superannuation matter which was raised is under review but is unlikely to be material,” Wilkins told media.

He made the clarification after admitting on Tuesday that AMP was still on the lookout to see if there was another fee-for-no-service scandal yet to be discovered.

He also reiterated the bank’s commitment to accelerate its customer remediation program, after conceding the previous one had been on track to take 17 years to complete.

“I also note that today we’ve reconfirmed our review and remediation provision. We’re committed to progressing that program and to making sure our customers are compensated as quickly as possible,” Wilkins added.

While he is one of the few CEOs to front the media after departing the royal commission, Wilkins was certainly not alone in refusing to answer any additional questions from journalists.

Is your superannuation with AMP? Watch Christopher Macdonald from wealth manager Morgans tackle the question, “Is my AMP super safe?” below.