The Australian Mutual Provident Society (AMP)

The Australian Mutual Provident Society (AMP)
The AMP was a new form of self-help, and it is not surprising that its founders and early directors were commonly evangelical Christians. Its historian, Geoffrey Blainey, has said that its Australia-wide impact has been ‘matched only by the major religious denominations’, one of those throw away lines which recognises what has not been chronicled elsewhere, the strength of religious influence on Australian social history.

Founded in 1849, AMP has played a substantial role in shaping modern Australia and New Zealand by helping millions of customers build financial security, providing protection for families and assets, and financing property and infrastructure projects.

Many of the early AMP directors were Christians.

Thomas Holt (1811 – 1888) wool merchant, financier and politician
Thomas Holt co-founded the Australian Mutual Providence Society.

John Fairfax (1805 – 1877) newspaper proprietor, philanthropist
A foundation director of the AMP

John Goodlet (1835 – 1914) Presbyterian philanthropist, timber merchant, manufacturer
A director and chairman of the AMP

David Jones (1793 – 1873) general merchant, councillor, politician
A foundation director of the AMP

Sadly in 2018
The royal commission into banking misconduct has recommended AMP should face criminal prosecution for misleading the corporate regulator.

AMP chairman Catherine Brenner steps down after royal commission revelations

On 8 May 2018, directors Vanessa Wallace and Holly Kramer announced they would not be seeking re-election, in response to an imminent protest vote organised by the shareholders in the aftermath of the Banking Royal Commission. Patty Akopiantz also announced she would be resigning at the end of the year. In November 2018, AMP admits to a second overcharging scandal.

Sadly in 2019
AMP chief executive Francesco De Ferrari outlined a new strategy for the wealth manager last week after delivering a $2.3 billion first half loss and $3.1 billion in net cash outflows.

Australian organisations established by Christians

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One thought on “The Australian Mutual Provident Society (AMP)”

  1. Christian ethics influenced the former mutual member-owned structure. It is unlikely that these Christian leaders would have approved of demutualisation. There were very few if any mutual firms (such as customer-owned banks) ‘featured’ in the Royal Commission.

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