14 August 2019

FSU raises concerns of planners with AMP

The Finance Sector Union (FSU) met with AMP on Tuesday 13th August. At that meeting the FSU raised questions, concerns and considerations that salaried and aligned planners have brought to the union since last week’s announcement on the future of AMP Financial Planning.

AMP were not able to answer at the time but have committed to providing responses. The FSU has since written to AMP seeking a formal response to the questions and concerns raised, and requested a response by Friday 16th August.

No Consultation

Members have expressed anger and frustration at the way the announcement was conducted – with no consultation and a lack of information available since. Many of you have told us that you feel as though AMP has left you, your practice, and your clients with little to no support.

Given the impacts of these announcements on the health and wellbeing of planners and their families, FSU has expressed disappointment and concern that AMP went to market without a detailed plan on how it will inform and support planners, and that not enough is being done post announcement.

Breach of contract

The FSU also has concerns whether there have been breaches of contractual arrangements. The FSU has taken steps to get advice on this and is awaiting an answer. We will communicate with members once we know more.

Next Steps

AMP has committed to working with the FSU to address these concerns now and in coming weeks.

The FSU will be holding member information sessions as more information becomes available. Keep an eye out for times, dates and how to register.

Not a member

If you are a planner and want to ensure you are represented, with access to independent support and advice, become a member today using the green Join FSU button top right of this page.

By becoming a member, you are adding your support to our collective strength to achieve the best possible outcomes for planners.

If you’re interested in meeting with your FSU Organiser to raise concerns or understand more, please contact Mark Pannowitz on 0434 165 688 or mark.pannowitz@fsunion.org.au

Authorised by Julia Angrisano, National Secretary