I'm also an industry veteran....

There was nothing good about the old mutual model. All of the large mutual's (read AMP, National Mutual, CML, Citi Mutual) were self-serving organisations dead from the neck up. In theory they were accountable to policy holders but since it was impossible for policy holders to exercise that control those organisations were controlled by the management (for the benefit of the management and the tied agency force). The customer came a distant last.

AMP's clear 'fail' as a public company is the outworking of the its inability to adapt to a 'client first' business model.

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