AMP | OBSERVATIONS, page-64

1st of January 2022 will be the first time that many firms will be paying any form of a licensee fee. Also the runoff of Volume payments and bonuses cease soon, so the retained firms will be looking at the first year in a long time that they wont be in receipt of big dollars for keeping the doors open for another year. This is a good thing for AMP as it puts their licensee fee in line with market rates- should have done it years ago. Unfortunately though with the loss of institutional ownership a lot will jump ship- probably not straight out of the gates but in the 2nd quarter of 2022- causing further revenue falls, and outflow from North and Master Trust and AMP Bank. Also, North and master trust are priced too lean and no money being made here either. The good is the increase in licensee fees, the bad is firms running for the door, and the other bad is North and Mastertrust priced to capture market, but running at a loss. Having a product priced well is a way of attracting new inflow, but is the brand damage too far gone to attract business? Time will tell. This ol ship has hit an Iceburg (Titanic)- first class- FDF and the other cretins in safety rafts first, including AMP Capital, the bank will clutch to a bouy and the rest (shareholders), are the band playing on the decks and will sink with it hoping someone was coming to the rescue.