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In this episode of The nestegg Podcast, host Maja checks in with our three experts to discuss this week’s biggest conversations about super, property and investment.

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Steve Waters, director of Right Property Group, talks about the current market and its growth prospects, hinting at a “revenge spend” period post-lockdown. Could property prices really inflate by a further 20 per cent?

Meanwhile, RMIT’s senior lecturer of finance, Dr Angel Zhong, talks about the earning season and dividends, delving into how companies decide distribution policy. Find out what is happening in the recent dividend announcements.

Last but not least, tax and super guru Timothy Munro talks us through the results of APRA’s inaugural super test and how engaged members should really be with their super. Timothy also touches on the super splitting law and what it means for relationship breakdowns.

Have a question for our experts? Get in touch at [email protected] and you might get featured in the next episode.

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Could property prices inflate by another 20%? What’s happening in recent divid...

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Customers come first but dividends will soften: AMP

By Lucy Dean

July 27 2018
Share

Invest

Customers come first but dividends will soften: AMP

By Lucy Dean
July 27 2018

AMP Limited will carve out $290 million to compensate customers hurt by poor financial advice in a bid to salvage trust, but investors can expect a smaller dividend.

Customers come first but dividends will soften: AMP

By Lucy Dean

July 27 2018
Share

AMP Limited will carve out $290 million to compensate customers hurt by poor financial advice in a bid to salvage trust, but investors can expect a smaller dividend.

In a move to “reset business”, AMP Limited this morning said that it would accelerate advice remediation with $290 million set aside for potential compensation.

“Today’s announcement reflects our commitment to take decisive action to reset AMP and establish a platform from which the business can recover rapidly. We’re facing squarely into the issues that have impacted our reputation and the community’s confidence in AMP,” acting CEO Mike Wilkins said.

“Our remediation provision responds to industry-wide issues raised by ASIC… and reflects a conscious business response to increased community expectations.”

The embattled company will also cut fees on AMP’s MySuper products as of the third quarter of 2018 and will invest in stronger risk management products.

In an analyst call this morning, Mr Wilkins characterised the reduced fees as a reflection of AMP’s ability and willingness to “take advantage of the growth in superannuation in Australia”, which the bank is “ready to compete for”.

He said that the program will address employed and aligned advisers and is an “important milestone” in winning customers’ trust.

However, AMP also predicts to deliver an underlying profit for the first half of 2018 of $490 million to $500 million. The profit for the same period a year ago was $553 million.

The financial services giant said that investors should expect a total dividend payout for the 2018 financial year to come in at the “lower end” of its 70-90 per cent range. However, the interim dividend could be outside that range.

“Clearly, it’s been an unsettling first half for the company. The royal commission hearings in April and May and the subsequent leadership and board changes have already been well documented.

“In operating terms, the core Australian businesses have demonstrated resilience and shown solid growth in the first half. However, as we disclosed this morning, this growth has been offset by weakness in our Australian wealth protection business.”

The acting CEO argued that it was a sign of a good company that AMP Limited was “facing into” the challenges, adding that the company is now looking to the future.

AMP Limited was one of the worst hit by the financial services royal commission, with concerns raised that it had charged customers fees for services they didn’t receive and that it had possibly lied to the corporate regulator. Since those explosive hearings, the AMP Limited board saw the departure of its chairman, Catherine Brenner, and CEO, Craig Meller.

As of early July, the bank is facing five separate class actions.

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