A statement to the market on 6 May confirmed that AMP will introduce new pricing to deliver a “market-leading offer” for clients and their advisers.

Among the highlighted new rates is a 22 percent administrative fee reduction on the company’s flagship MyNorth offering for portfolio balances of $250,000 and above.

AMP also announced that it will reduce the administrative fee cap for individual customers and families by $400 and $500 per year respectively.

According to the group's statement, other features of MyNorth's new pricing include: “customers only pay for what they invest in from MyNorth's Core, Select and Choice menus; clients can access lower administrative fee rates as their total portfolio balance grows; and families can benefit from aggregation of family fees and limits', with a family group allowed to have up to six members with up to six accounts each.

The move, by chief executive Scott Hartley, who took the reins at the end of last year, comes as the wealth giant seeks to "challenge the practice of some providers in the industry" and provide "better price transparency for financial advisors and investors'.

"The fee reductions we have announced across our platforms should be seen by clients and financial advisers as a signal of AMP's intention to compete strongly and transparently across our wealth product range," Mr Hartley explained.

"These are highly competitive and transparent fees which we have introduced in response to the use of advice licensees or advice rate cards by many in the industry, which we believe is distorting the system and causing problems for members' capital in super and superannuation bundled products."

"We will not play this opaque game as it creates an unfairness for financial advisers and their clients and may breach legal obligations to treat members fairly."

Going forward, Mr Hartley said AMP would continue to advocate for a more transparent approach to pricing in the industry. In the second half of this year, the company will review its iAccess and Generations platforms.

"All financial advisers should be able to access the same pricing platform from their chosen provider and should not be competing with selected advisers who get preferential deals," Mr Hartley said.

“AMP is committed to providing market-leading bundled offers for all financial advisers so they can deliver efficiently and fairly to all their clients.

"Financial advisors and clients can expect AMP to capitalize on its significant wealth management capabilities and continue to invest in our platform business, creating end-to-end wealth solutions and a more seamless administrative and technology experience."