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Showing 11 - 20 of 207 results for "AMP Financial Planning"

AMP to pay $100m to settle BOLR class action

JAMIE WILLIAMSON  |  THURSDAY, 23 NOV 2023
... what it initially provisioned. The wealth manager announced this morning it has reached a settlement with AMP Financial Planning advisers in the BOLR class action that dates back to July 2020. After provisioning $50 million for the fallout in its 1H23 ...

AMP challenges BOLR court ruling

KARREN VERGARA  |  WEDNESDAY, 27 SEP 2023
... AMP is appealing the Federal Court's Buyer of Last Resort (BOLR) ruling that determined in favour of AMP Financial Planning advisers who saw the valuations of businesses slashed by 40%. AMP filed a Notice of Appeal in the Federal Court yesterday ...

Munich Re targets AMP over alleged reinsurance misconduct

ANDREW MCKEAN  |  WEDNESDAY, 23 AUG 2023
... Buyer of Last Resort (BOLR) terms. Its changes caused a marked reduction in the practice valuations of AMP Financial Planning advisers. In an ASX announcement, George said: "We have booked a $50 million provision in response to the judgment in the Financial ...

AMP provisions $50m in response to class action

ANDREW MCKEAN  |  THURSDAY, 10 AUG 2023
... Court ruled against AMP over its controversial change to the Buyer of Last Resort (BOLR) rules, backing AMP Financial Planning advisers who protested against the decline in their business valuations from 4x to 2.5 recurring revenue. Due to this change ...

Advisers' experience stands at 14.5 years

KARREN VERGARA  |  WEDNESDAY, 19 JUL 2023
... less. Around 10% of registered advisers have exactly five years' experience. The biggest licensees such as AMP Financial Planning have on average 15.3 years of experience. Morgans Financial advisers have 17.3 years, while Ord Minnett advisers have 18.7 ...

FY23 farewells 700 advisers

KARREN VERGARA  |  FRIDAY, 14 JUL 2023
Financial advice firms AMP Financial Planning, Synchron, and Charter farewelled the largest number of advisers, dragging down the total population to 15,708 from 16,415 at the end of the 2023 financial year. Rainmaker analysis of ASIC's Financial Adviser ...

AMP loses BOLR changes class action

KARREN VERGARA  |  WEDNESDAY, 5 JUL 2023
The Federal Court this morning has ruled in favour of disgruntled AMP Financial Planning advisers who saw the value of their practices deteriorate after the parent company controversially changed its Buyer of Last Resort (BOLR) rules. In handing down ...

Large AFSLs lead advice complaints: AFCA

KARREN VERGARA  |  THURSDAY, 22 JUN 2023
... with several AMP and Insignia Financial practices leading the pack. Modelling of the AFCA data shows that AMP Financial Planning received the most complaints among the advice firms with 81 filed between July 2021 and December 2022. Isolating the high ...

AMP fined $24m for charging deceased customers

KARREN VERGARA  |  FRIDAY, 19 MAY 2023
... to pay $24 million in penalties. Justice Hespe today determined that four AMP subsidiaries - AMP Life, AMP Financial Planning, AMP Superannuation, and NM Superannuation - breached the law. However, only AMP Life ($18m) and AMPFP ($6m) will pay a combined ...

Former AMP adviser pleads guilty to dishonest conduct

KARREN VERGARA  |  MONDAY, 27 MAR 2023
... may have applied to some of the insurance policies," it said. Fong was an authorised representative of AMP Financial Planning between January 2004 to December 2014, as well as a credit representative for more than four years. In 2014, Fong was alleged ...