The Australian Prudential Regulation Authority (APRA) today said that it will undertake a significant review of AMP's proposal to de-merge its operations in Australia and the United Kingdom prior to regulatory approval to ensure it maintains the interests of Australian beneficiaries.

However, the regulators initial view is that the proposal will have minimal impact on Australian policyholders and depositors.

APRA has been monitoring AMPs operations in Australia and is satisfied that its Australian operations are currently meeting all of their prudential regulatory requirements, including capital requirements, in respect of policyholders and depositors.

APRA is the prudential regulator of the financial services industry including banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry.  It currently regulates $1.5 trillion in assets for 20 million Australians.