To a certain degree you are correct. The issue is why is there no class action of advisers against AMP.
the board destroyed the brand not the advisers. Outflows from AMP capital is simply because the brand continues to fart.
Those advisers were audited regularly and passed. Now in retrospect the AMP is reviewing the files they audited prior.
Now part of the fee you say that is paid is like protection money. Making sure the advise was good and audited to be so.
To re audit now shows the AMP audits were either not through or compliant with AMP standards.
While the advisers are the popular scapegoat remember under various boards and top flight management the company lost $38,000,000 of share holders value each week from when they took over AXA Pacific.
Just brilliant a great company is now just an shadow of it self.
and it was not the advisers.
Share price by Xmas 2019, page-238
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