The Royal Commission had drastically affected AMP's image, leading to a noticeable absence from many successor fund transfer shortlists. In this gap, industry superannuation funds such as the Australian Retirement Trust gained ground, being perceived as safer and more stable alternatives.
AMP's difficulties were compounded by ongoing negative publicity, including a Federal Court ruling in late 2022 that required five AMP companies to pay $14.5 million in penalties. This was due to "fees for services" issues where 1,452 superannuation members continued to be charged for financial advice they no longer received.
Despite these setbacks, AMP Limited has reported a reversal from a $99 million net outflow in the previous comparable period to a $33 million net inflow. This positive shift is attributed to several strategic initiatives, such as digital advice services and the AMP Lifetime Super rollout to approximately 140,000 Choice members.
Former AMP CEO Craig Meller had previously highlighted significant net cash flow growth in corporate superannuation, emphasising that mandate wins contributed over $500 million.
AMP's recent ASX update highlights these strategic advancements, signaling a noteworthy recovery phase for its superannuation business.
