AMP has extended an olive branch to 35,000 clients by offering reviews of possibly tainted superannuation advice under changes designed to appease the corporate watchdog.

The company announced the unprecedented step last Thursday, more than six months after the Australian Securities and Investments Commission (ASIC) found planners were steering clients towards in-house superannuation products with lucrative commissions.

ASIC found commissions paid to advisers created conflict of interest that made unreasonable advice on switching superannuation products three to six times more likely.

AMP Financial Planning originally estimated about 7000 of a total of 720,000 retail super customers would be contacted. Nearly 6000 have been contacted, and 29,100 will be mailed this month.

Improvement in countering conflict of interest was cited in an update by the company, in particular changes to the buyer of last resort and net business flow models to remove bias towards AMP products.

Both schemes rewarded planners with commission or non-monetary bonuses such as overseas trips for selling certain in-house products.

The buyer of last resort scheme will be replaced on July 1 – in line with a ban by the Financial Planning Association – with a different valuation methodology to be detailed at a later date.

The company has also developed new statements of advice and financial services guides, while updating its professional standards manual to include clearer disclosure guidance on the products and services planners can advise on, their relationship with AMP companies, and fees and charges.

AMP Financial Planning will also vet all recommendations to switch superannuation schemes in the short term to ensure compliance with the new strictures.