They also own an SMSF admin business which they acquired for top...

They also own an SMSF admin business which they acquired for top of the market prices IMO from numerous middle to large sized privately owned smsf specialist firms. Interestingly I am led to believe that a number of the owners of those businesses have subsequently taken their cheques and gone (along with their IP and client relationships). Outside of acquisitions - from my reading between the lines of press releases this business unit looks to be going backwards, despite hiring a bunch of highly paid "experts" and being run by an Actuary.

To add further salt to this wound - they also bought an SMSF software business in the hope that this may improve things. Since then the CTO/Founder of that business has also left and the programs looks to me that it requires $M's to be spent on it to make it competitive in what is now a highly competitive and advnaced market place.

Once again - all IMO and DYOR

NB - They also conveniently/surreptitiously changed the name of this Business Unit away from AMP (maybe they knew what was blowing in the wind) - however the market continues to be very aware of who is behind it. 

The bottom line IMO - SMSF Administration nor Software are core competencies of a business like AMP (or any big financial institution), but more-so a major distraction and serious compliance risk (on top of everything else they have on their plate currently).