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Confirmation from UK regulator just released

  1. 3,567 Posts.
    More positive news:

    http://abc.net.au/news/business/2002/09/item20020929101254_1.htm

    AMP UK in trouble but Aust business solid: regulators

    British financial regulators have revealed AMP's UK subsidiary has been in trouble for a number of months.

    UK Finance Services Authority chairman Sir Howard Davies, has told ABC TV's Inside Business the company was having problems several months ago.

    However, he says he has confidence in their plan to rebuild.

    "They're [AMP] a very big presence in our market and they, like any other company, have had to adjust their portfolio in the light of falling equity markets," Sir Howard said.

    "We have agreed a plan with them to strengthen the capital position of their funds in England."

    AMP acting chief executive officer Andrew Mohl, revealed recently the insurance group's UK business, AMP-Pearl, is suffering because of volatility in international markets.

    AMP's share price hit an all-time low last week but has been steadily rebounding after Mr Mohl vowed to rebuild trust in the company.

    He says the company's UK subsidiary has been under-performing for a number of months.

    "I can't tell you precisely when that point was - AMP themselves of course have disclosed the fact of it, but it was a few months ago [and] we are working through that with them," Sir Howard said.

    "We're quite confident they'll work their capital position through in a way that satisfies us."

    But the prudential regulator of Australia's financial services industry is not concerned about AMP.

    Australian Prudential Regulation Authority chief executive officer Graeme Thomson, has told Channel Nine he is confident about AMP's future.

    "Our primary concern is the Australian policy holders with AMP and we're satisfied that the Australian business is sound and solid and we don't have any concerns there," Mr Thomson said.
 
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