Further, SuperConcepts contributed $35 million in revenue in FY19 from business operations, down by $8 million on FY18.

AMP also said it is reducing its range of superannuation products from around 70 down to six as it seeks to deliver “easy-to-understand” client propositions.

SuperConcepts chief executive Lara Bourguignon said 2019 was a year of major changes, as it resets its strategy towards consolidation and simplification.

However, she maintained that, despite the challenges of 2019, SuperConcepts is in a position to deliver on its long-term growth plans.

“We faced into a number of legacy issues from the five years of mergers and acquisitions and announced a three-year plan for organic growth,” Ms Bourguignon said.

“We’re also delivering on simplification of product sets to ensure our clients’ needs are best served to help grow their own businesses.

“Our focus has been consolidating technology stacks to ultimately bring efficiencies to our own business and to clients. This has been long and difficult work, but we have made strong progress and 2020 will see the benefits of our technology consolidation.”

AMP wealth management earnings slashed in half

AMP’s overall earnings in its Australian wealth management business fell by 49.9 per cent to $182 million in FY19, down from $363 million in FY18.

Further, the wealth giant noted it reduced its adviser network by around 440 advisers in FY19 as part of efforts to reshape its advice network to be compliant, professional and more productive.

AMP chief executive Francesco De Ferrari said 2019 was a year of fundamental reset at AMP.

“We rebased our business, set out a new group strategy and strengthened our capital base to accelerate the execution of our strategy,” he said.

Mr De Ferrari also noted AMP’s progress in prioritising client remediation, saying it expects to have completed 80 per cent of its program by the end of FY20, with completion in 2021.

“We have agreed the main outstanding areas of our program with ASIC, including for advisers who are no longer active in our network. We remain committed to putting it right for impacted clients as quickly as possible,” Mr De Ferrari said.

“In a period of unprecedented legislative and regulatory pressure, we have established a strong three-year roadmap of recovery. Our focus is now on delivery.”