AMP urges adding social media platforms to financial system accountability reforms

• AMP urged the Australian government to include social media platforms in reforms aimed at strengthening financial-system governance following Shield and First Guardian collapses.
• CEO Blair Vernon backed scrutiny of financial intermediaries, warning social media posts and targeted ads often serve as first contact with investments.
• AMP called for social media firms to be considered for contributions to the Compensation Scheme of Last Resort where they facilitated financial harm.
• ASIC research cited by AMP found close to two thirds of Australians aged 18 to 28 use social media for financial information.

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