AMP Financial Planning (AMPFP) has ditched industry funds from its approved products and services list, citing a lack of demand.

AMPFP added industry super funds to its list 18 months ago. The funds were given a ‘hold’ rating rather than a ‘recommended’ rating. This meant AMPFP’s planners could only advise existing industry fund members about their accounts and could not advise a client to join an industry fund. In a statement yesterday Industry Fund Services said it was “;quite disappointed”; to hear that AMP had decided to take industry funds off its list but was not really surprised as it believed the group’s original announcement 18 months ago was “;simply an attempt to deflect criticism”;. AMPFP said it has now removed the funds from the approved list, as low demand from clients together with the cost of maintaining the products on its approved list, meant it was not an economically viable option. Planners will now need to get one-off approval from AMPFP if their clients want advice on industry funds. AMPFP had 12 industry funds on its list: Asset, Australian Retirement Fund, CareSuper, BUSSQ, CBUS, Hesta, Host Plus, REST, Statewide Super, SunSuper, Superannuation Trustees of Australia Super (STA) and VicSuper.

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