AMP Horizons Group has been quick to act following criticism from the Australian Securities and Investments Commission (ASIC).

The group – one of AMP’s largest financial planning practices – had failed to meet “the standard expected” of an Australian financial services licensee in several areas, according to the regulator.

Problems included the quality of recommendations by advisers, aspects of the process used to obtain client information and the way clients’ reasons for seeking advice were identified.

In response, AMP has changed the oversight of advisers and addressed quality assurance issues prior to clients receiving advice.

“ASIC commends AMP for its positive response to the concerns identified,” Commissioner Peter Kell said.

AMP also completed an external review of its advice process, in addition to its internal check.