AMP executive chairman Mike Wilkins today told the Australian market that the review of AMP's manage for value business, which includes the potential sale of AMP New Zealand, was continuing.

But the company was giving priority to the performance of the business, board renewal and the appointment of a new chief executive. 

AMP has been the subject of damning revelations as part of Australia's Royal Commission into financial services misconduct. Three board members and the board chair have all resigned their positions.

It is also planning to defend itself against a class action brought by shareholders, after a market cap drop of A$2 billion.

Its managing director in New Zealand, Blair Vernon, said it was engaging with the regulators here.

“We understand what a privileged and trusted position we’re in and AMP New Zealand is proud of our strong track record when it comes to ensuring quality outcomes for our customers, including putting things right when we need to. That’s underpinned by our rigorous focus on compliance and good conduct and the open and transparent relationship we have with New Zealand regulators and the Insurance and Financial Services Ombudsman.

“We welcome the opportunity to demonstrate the integrity of our business and operations and the many ways in which we protect the financial wellbeing of our customers.

“We continue to partner closely with our QFE advisers to maintain the highest standards of advice quality, disclosure and transparency. We are further committed to promoting and supporting appropriate practices across our industry and as part of this we recognise that it is vital for providers to continue to review and evolve their business practices. AMP’s conclusion of its offshore development programme highlights our proactive approach to addressing any perceived issues of conflicted remuneration.”

Vernon said it was "business as usual" for AMP in New Zealand.

"We continue to evolve our proven strategy, drive and maintain our strong track record of solid performance, and most importantly live up to our deep commitment of supporting our customers, like those who in 2017 received $225 million in claims to help them and their families in their time of need."