The ‘M’ in AMP stood for Mutual. Like another former mutual, IOOF, it was owned by, and set up to benefit, its members. Both AMP and IOOF were presented with draft findings that they acted against the interests of their members at the conclusion of the round five hearings of the Royal Commission into Banking and Financial Services. Although both are now purely commercial organisations, each has marketed itself as different from the others because of its cooperative history and founding ethos.
