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Showing 1 - 10 of 55 results for "Buyer of Last Resort"

Sequoia seeks Takeovers Panel intervention

KARREN VERGARA  |  FRIDAY, 17 MAY 2024
... acquisitions have been made in expanding the core areas of Licensee Services and the Professional Services. Being a buyer of last resort of books of retiring planners is an important part of the SEQ offering to its licensees, but it is not a significant ...

Litigation funder disputes AMP BOLR settlement

KARREN VERGARA  |  WEDNESDAY, 8 MAY 2024
The litigation funder of the AMP Buyer of Last Resort (BOLR) class action is negotiating its cut of the settlement money and could take home as much as $43 million. A notice of proposed settlement from the Federal Court shows the funder, Augusta Pool ...

AMP reports boost in IFA flows, mulls advice unit options

KARREN VERGARA  |  WEDNESDAY, 14 FEB 2024
... $47 million, about a 31% improvement on the prior corresponding period. The six months saw AMP settle the Buyer of Last Resort (BOLR) and breaches of continuous disclosure obligations actions - both of which it did not admit liability to. AMP chief executive ...

What you read in 2023

JAMIE WILLIAMSON  |  FRIDAY, 15 DEC 2023
... Planning advisers who saw the buy-back value of their businesses slashed by controversial changes to AMP's Buyer of Last Resort provisions following the Royal Commission. Justice Moshinsky found evidence of losses incurred by the lead applicant ...

AMP selects new chief technology officer

CHLOE WALKER  |  WEDNESDAY, 29 NOV 2023
... George said. Last week, AMP reached a settlement with AMP Financial Planning advisers in the long-running Buyer of Last Resort (BOLR) class action. The wealth manager will pay $100 million - an amount double what it initially provisioned. "This is an ...

AMP to pay $100m to settle BOLR class action

JAMIE WILLIAMSON  |  THURSDAY, 23 NOV 2023
AMP will pay $100 million to settle the long-running Buyer of Last Resort (BOLR) class action - an amount double what it initially provisioned. The wealth manager announced this morning it has reached a settlement with AMP Financial Planning advisers ...

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
... recently earmarked $50 million in response to a Federal Court decision regarding its contentious adjustment to Buyer of Last Resort (BOLR) terms. Its changes caused a marked reduction in the practice valuations of AMP Financial Planning advisers. In ...

AMP settles class action for $110m

KARREN VERGARA  |  MONDAY, 21 AUG 2023
... documents show. AMP closed its books on the first half of 2023 financial year provisioning $50 million for the buyer of last resort class action. It is fighting two other legacy class actions that it says, "have not yet been quantified and participation ...

AMP provisions $50m in response to class action

ANDREW MCKEAN  |  THURSDAY, 10 AUG 2023
... end of the year." In July 2023, the Federal 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 ...
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