De Ferrari unaware of legal action

AMP chief executive Francesco De Ferrari has said he is not aware of any impending legal action in relation to the group's financial advice business.

Speaking to media after the release of the group's financial results, De Ferrari said that while he notes there has been media speculation he is not aware of any impending lawsuits against AMP.

"We have not received any legal action.  We believe we are within our legal rights and we will vigorously defend any action if it comes," De Ferrari said.

This week the AMP Financial Planners Association (AMPFPA) said it is anticipating a class action will be filed on behalf of its members later this month.

AMPFPA chief executive Neil Macdonald told Financial Standard law firm Corrs has been speaking to advisers who have expressed interest in quantifying their losses and he believes the process will move quickly.

In addition, Shine lawyers confirmed it will imminently file charges against AMP Life, AMP Financial Planning and two of its financial planning subsidiaries; Charter Financial Planning and Hillross Financial Planning.

Shine said it was investigating whether the group's financial advisers breached their fiduciary and statutory duties to around 100,000 clients.

The Finance Sector Union is also investigating legal options for its members.

In another blow, the Australian Small Business and Family Enterprise Ombudsman Kate Carnell called on small business financial advisers to reach out after news of pending class actions against AMP were highlighted by media.

"Following recent media reports regarding AMP Financial Planning's restructure of its business, my office has received dozens of requests for assistance from small business financial planners across a number of licensors," Carnell said.

In relation to what the future looks like the AMP's advice arm, De Ferrari said there is no "hard target" for the size of the business.

"Anyone who is professional, productive and compliant is welcome to be part of our vision going forward," he said.

De Ferrari said that while the industry is experiencing a large amount of disruption, the group still feels that there is a future in advice.

Read more: Francesco De FerrariAMP Financial PlanningFamily Enterprise OmbudsmanKate CarnellAMP Financial Planners AssociationCharter Financial PlanningCorrsFinance Sector UnionFinancial StandardHillross Financial PlanningNeil Macdonald
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