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The financial services Royal Commission

The Royal Commission into misconduct in the Banking, Superannuation and Financial Services Industry (the “financial services Royal Commission”) is raising very important discussions around corporate governance and other practices in the wealth and financial advice industry.

At IMB Financial Planning, we take our responsibilities to our clients very seriously. We go to great lengths to ensure that the advice we provide, the products we recommend and the systems we use to implement our advice culminate in a tailored offering which is in the best interests of our clients.

IMB Financial Planning and its association with AMP

The financial services Royal Commission has considered examples of improper financial planning practices and poor advice within a number of large financial services businesses. Some of these matters related to AMP.

While IMB Financial Planning utilises an AMP investment ‘platform’ (North) to facilitate client investments, this is unrelated to the matters raised about AMP in the financial services Royal Commission.

Specifically, the conduct engaged in by AMP which was considered by the financial services Royal Commission does not relate to IMB Financial Planning clients. Our financial advisors are employed directly by IMB Financial Planning Limited (a wholly-owned subsidiary of IMB Bank), which operates under its own Australian Financial Services Licence.

IMB Financial Planning follows robust risk and compliance frameworks which are in place throughout IMB’s operations and which require reporting and prompt remediation of all complaints, errors and incidents relating to our clients or compliance requirements.

IMB Financial Planning does not distribute its own investment products or insurance products (although we may from time to time recommend an IMB Bank Term Deposit). This means that our planners do not have the same potential conflicts of interest as is the case with the financial planning arms of other banking and financial services institutions that provide advice to clients and also manufacture financial products. 

IMB Financial Planning is a member of the Financial Planning Association (FPA) and is recognised as a ‘Professional Practice’. IMBFP Financial Planners are required to meet the FPA’s ethical obligations and must also comply with IMB’s employee Code of Conduct. IMB Financial Planning’s team is made up of experienced and qualified financial planning professionals who are continually upskilling to ensure they are abreast of current legislative requirements.

What are the implications for your investments?

The allegations relating to AMP should have no direct impact on your investments. However, the market is experiencing some volatility in the financial sector as a whole which may be reflected in short term investment performance. We are closely monitoring this for our clients and will recommend adjustments as required.

We will continue to communicate with our clients in relation to emerging industry issues as appropriate. However, if you have questions regarding this matter,or your investments more broadly, please contact your IMB Financial Planning advisor directly or Rob Weston, IMB Financial Planning Practice Manager (finplan@imb.com.au).