AMP reveals number of insurers on APLs

Yesterday, BT Financial Group clarified that Westpac Life is the only insurer included on the APL for its bank channel advisers after ASIC deputy chair Peter Kell told a parliamentary joint committee that the regulator would be “surprised” if a licensee had only one insurer on its APL.

Responding to questions from ifa, a spokesperson from AMP explained the firm’s APLs include numerous insurers.

“Our licensee APLs provide broad coverage of the major insurers, with Charter and Hillross offering eight products, and AMP Financial Planning six,” the spokesperson said.

“We also enable our advisers to select a different insurance provider through an approval process, if it is in the best outcome for the customer. Our APLs are reviewed every year.”

ifa also confirmed the number of insurers included on the Commonwealth Bank’s licensees’ APLs yesterday in the wake of BT Financial Group’s revelation.