AMP Takes $214 Million Charge Over Advice Scandal; Shares Fall

Charge to cover customer compensation, potential lost earnings
Wealth manager to increase compliance spending, reduce fees

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By Matthew Burgess and Emily Cadman

July 26, 2018 at 10:45 PM UTC

Updated on

July 27, 2018 at 12:25 AM UTC

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Australian wealth manager AMP Ltd. has put a price on revelations it mistreated customers, saying it will take a A$290 million ($214 million) charge to compensate for poor or non-existent advice.

First-half underlying profit will be between A$490 million to A$500 million, down from A$533 million a year earlier, the Sydney-based company said in a statement Friday.