AMP Limited announced the introduction of a new service model with its aligned advice network, marking a new era for financial advice at AMP. The new model further prioritises clients with AMP providing services to advisers which support the delivery of quality advice, improve practice efficiency and help advisers grow their businesses. Developed in collaboration with AMP adviser associations, the new model will be progressively introduced, giving advisers increased choice, flexibility, and transparency with how they partner with AMP and how they continue to operate their business. The contemporary approach includes three key components: A new service proposition and fee model for advice practices, which has been competitively benchmarked against the industry and reflects the services offered. It includes a set of core services as well as user pay services. The new fee model will be phased in from 1 January 2022 to 1 January 2023. The release of institutional ownership of clients from AMP Financial Planning to advisers, with the ability to transfer clients out of the AMP network. This change will take effect from 1 January 2022. The conclusion of client register buy back arrangements from 31 December 2021, with practice principals able to take advantage of current terms remaining in place until this date. While further advice practice exits are anticipated before the conclusion of buy back arrangements, AMP's current expectation is these commitments will be covered by the existing provisions and capital allowances as part of its Buyer of Last Resort program.