The powers the Australian Prudential Regulation Authority(APRA) used are the broader direction powers that was granted in April following the passage of the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No 1) Bill 2019.

In a statement AMP states it will fully implement the direction and additional conditions. We are working constructively with APRA on this matter and have already taken action on a number of the issues raised.

Specifically, APRA wants AMP to improve conflicts of interest management, governance and risk management practices, breach remediation processes, addressing poor risk culture and strengthening accountability mechanisms. The direction also requires AMP Super to renew and strengthen its board.

Additionally, APRA will require AMP Super to engage an external expert to report on the remediation and compliance with the new directions and conditions to ensure that AMP complies with APRA.

In a statement AMP states it will fully implement the direction and additional conditions. We are working constructively with APRA on this matter and have already taken action on a number of the issues raised.

In addition, in 2018, AMP significantly reduced fees on its MySuper products, benefiting approximately 600,000 members.

APRA stated that it’s a demonstration of its commitment to embedding the constructively tough enforcement appetite. This follows a review into the organisation in November, in which it stated, “The approach sets out how APRA will use its enforcement powers to prevent and address serious prudential risks and to hold entities and individuals to account.”

This email address is being protected from spambots. You need JavaScript enabled to view it.

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

more on this topic

Superannuation

Payday super reform hailed as transformative win for Australian workers

In a significant shift for Australia's retirement savings landscape, the introduction of the Payday Super regime on Wednesday, 1 July, marks a transformative change in how superannuation payments are ...Read more

Superannuation

Many Australians to miss out on EOFY super boost due to affordability and knowledge gaps

As the end of the financial year looms, a significant number of working Australians are poised to miss out on the chance to enhance their superannuation savings. A recent survey commissioned by global ...Read more

Superannuation

Aware Super restructures leadership as Ian Pendleton steps down

In a significant leadership reshuffle, Aware Super is bidding farewell to its long-serving Group Executive Legal and Company Secretary, Ian Pendleton, as he steps down from his executive role after 14 ...Read more

Superannuation

Half of Australians unaware of impending superannuation law change set to impact millions

In a surprising revelation, a recent study has highlighted a significant knowledge gap among Australian workers regarding a major superannuation reform set to affect over 1.2 million people from 1 ...Read more

Superannuation

Rest strengthens investment strategy with seasoned executive appointment

In a strategic move to bolster its investment strategy, Rest, one of Australia's largest profit-to-member superannuation funds, has appointed Andy Moser as the Head of CIO Office. This newly created ...Read more

Superannuation

NGS Super strengthens leadership with appointment of new Chief Member Officer

In a strategic move to bolster its member growth and experience transformation, NGS Super has appointed Adam Parsons as the new Chief Member Officer (CMO). Effective from 1 June 2026, Parsons will ...Read more

Superannuation

Aware Super triumphs at Chant West Super Fund Awards with top honours

In a significant achievement for Aware Super, the fund has clinched top honours at the Chant West Super Fund Awards, securing both the Super Fund of the Year and Pension Fund of the Year titlesRead more

Superannuation

NGS Super rolls out enhanced member advice services with a focus on accessibility

In a significant move to make financial advice more accessible, NGS Super has unveiled an enhanced suite of member advice services, featuring a new digital advice platform. This initiative aims to ...Read more