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. Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. AMP Limited published the original content used to generate this news brief on October 13, 2026, and is solely responsible for the information contained therein. (C)