AMP slams rivals over capital requirements
Financial services firm AMP has claimed that at least 12 of its rivals have breached requirements on the minimum level of capital they should hold to satisfy city regulators.
Link: For more companies news
The move comes as a response to revelations that UK firm Pearl, which AMP owns, has failed to meet the Financial Services Authority’s funding threshold for several months.
AMP is currently in discussion with the FSA over how to bring its funds back to levels above the statutory minumum, according to Andrew Mohl, AMP’s chief executive. Mohl did however mention that several of its competitors were in ‘a similar or worse predicament.’