AMP's bill for refunding wronged financial advice customers could rise above the $290 million set aside on Friday, but acting chief executive Mike Wilkins may call on the embattled wealth giant's workforce of planners to help recoup the cost by claiming on their insurance.

"The actual outcome will be known when we pay out the the last customer affected, and we think that will be in about three years," Mr Wilkins told AFR Weekend after announcing the new customer compensation plan, downgrading profit and flagging lower dividends.