AMP, Australia's biggest wealth manager, said on Monday its operating earnings would face a hit based on its assessment of the government's bill to protect customers' investments in superannuation funds.

AMP said its earnings impact in financial year 2019 would be about $10 million, while it expected an annualised impact of up to $30 million from 2020.

The scandal-hit company said its flagship wealth management unit would be most affected if the legislation is passed, and would have to transfer about 370,000 low balance superannuation accounts to the Australian Tax Office.

More to come

Reuters