In relation to white label products, Mr Green said that neither AMP nor any entity associated with AMP manufactures products that are made available to any intermediary to sell under its own branding. I will tender the statement of Mr Green dated 12 April 2018. THE COMMISSIONER: That will be exhibit 2.4. EXHIBIT #2.4 STATEMENT OF MR DATED 12/04/2018 MS ORR: And in response to your question, Commissioner, about the timing, the request to AMP was sent on Wednesday, 28 March seeking the statement and the exhibits by Tuesday, 3 April. An extension was granted at AMP’s request to Wednesday, 4 April. The statement was provided in its final form on 12 April and the spreadsheet provided, as the Commissioner has heard, late last night. THE COMMISSIONER: Yes. MS ORR: We turn to CBA, Commissioner. CBA provided three statements. The first was provided by Mr Hugh Humphrey, who is the general manager of bank financial planning at CBA. This statement deals with the topic of conflicted remuneration in relation to Commonwealth Financial Planning and BW Financial Advice. Mr Humphrey told the Commission that since 1 July 2013, the only benefits that Commonwealth Financial Planning and BW Financial Advice have provided to financial advisers that could reasonably be expected to influence their advice were payments of commission in relation to insurance. Mr Humphrey said that in some cases these payments were shared directly with advisers, and in other cases they contributed to increasing the advisers’ variable remuneration. Mr Humphrey also explained the measures that Commonwealth Financial Planning and BW Financial Advice have taken to ensure that their advisers do not receive prohibited conflicted remuneration. These measures include training for advisers and the analysis of payments received from product providers to identify particular types of prohibited conflicted remuneration. I tender the statement of Mr Hugh Humphrey dated 13 April 2018. THE COMMISSIONER: That will be exhibit 2.5. EXHIBIT #2.5 STATEMENT OF MR HUGH HUMPHREY 13/04/2018 MS ORR: The second CBA statement was provided by Mr Mark Ballantyne who is the financial manager of Financial Wisdom and CFP Pathways. This statement deals with the topic of conflicted remuneration in relation to Financial Wisdom, CFP
In relation to white label products, Mr Green said that neither AMP nor any entity associated with AMP manufactures products that are made available to any intermediary to sell under its own branding. I will tender the statement of Mr Green dated 12 April 2018. THE COMMISSIONER: That will be exhibit 2.4. EXHIBIT #2.4 STATEMENT OF MR DATED 12/04/2018 MS ORR: And in response to your question, Commissioner, about the timing, the request to AMP was sent on Wednesday, 28 March seeking the statement and the exhibits by Tuesday, 3 April. An extension was granted at AMP’s request to Wednesday, 4 April. The statement was provided in its final form on 12 April and the spreadsheet provided, as the Commissioner has heard, late last night. THE COMMISSIONER: Yes. MS ORR: We turn to CBA, Commissioner. CBA provided three statements. The first was provided by Mr Hugh Humphrey, who is the general manager of bank financial planning at CBA. This statement deals with the topic of conflicted remuneration in relation to Commonwealth Financial Planning and BW Financial Advice. Mr Humphrey told the Commission that since 1 July 2013, the only benefits that Commonwealth Financial Planning and BW Financial Advice have provided to financial advisers that could reasonably be expected to influence their advice were payments of commission in relation to insurance. Mr Humphrey said that in some cases these payments were shared directly with advisers, and in other cases they contributed to increasing the advisers’ variable remuneration. Mr Humphrey also explained the measures that Commonwealth Financial Planning and BW Financial Advice have taken to ensure that their advisers do not receive prohibited conflicted remuneration. These measures include training for advisers and the analysis of payments received from product providers to identify particular types of prohibited conflicted remuneration. I tender the statement of Mr Hugh Humphrey dated 13 April 2018. THE COMMISSIONER: That will be exhibit 2.5. EXHIBIT #2.5 STATEMENT OF MR HUGH HUMPHREY 13/04/2018 MS ORR: The second CBA statement was provided by Mr Mark Ballantyne who is the financial manager of Financial Wisdom and CFP Pathways. This statement deals with the topic of conflicted remuneration in relation to Financial Wisdom, CFP
transcript-16-april-2018.docx