AMP sells discount broking arm

AMP Broking is to be closed down with its estimated 10,000 registered customers to be moved to its JV partner Hartleys' Direct Stockbroking Network. Hartleys will offer AMP customers a special flat rate of $19.99 per trade for the next six months compared with its normal rate of $23.50 for trades below $20,000.

AMP said the discount broking service had not delivered an adequate return to warrant further investment. Of the 10,000 registered users, only a relatively small number used the service regularly.