AMP platform locked to non-aligned advisers

The AAA recently announced it had reached an agreement with AMP after nine months of negotiations, where the main sticking point had been AMP’s concern it could be liable for advice given on other providers’ products by advisers it had agreements with.

AAA members were given a choice between two agreements: an aligned agreement and a “self-compliance” agreement that bars advisers from using the platform.

“Effectively the aligned agreement offered the use of AMP’s wealth platform and basically you had to follow the procedures in place… you agree to follow those processes and just use AMP’s wealth platform,” AAA president John Wood said.

“With the self-compliance agreement the wealth platform is not available to use but you can still use all the other AMP products outside the wealth platform.”