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Showing 11 - 20 of 57 results for "Buyer of Last Resort"

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 ...

AMP loses BOLR changes class action

KARREN VERGARA  |  WEDNESDAY, 5 JUL 2023
... 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 its decision, the Federal Court found in favour of authorised representatives of AMP Financial ...

QSuper head moves to AMP

ANNABELLE DICKSON  |  MONDAY, 9 AUG 2021
... advisers and the business," she said. The appointment comes after AMP announced it is putting an end to all Buyer of Last Resort (BOLR) arrangements and has created a new service model for its aligned network.

AMP sued over corporate super misconduct

JAMIE WILLIAMSON  |  FRIDAY, 30 JUL 2021
... however, with the regulator confirming it was dropping a criminal investigation related to the group's Buyer of Last Resort Policy and the way in which AMP continued to charge orphaned advice clients despite having no adviser.

AMP shakes up advice service model

KARREN VERGARA, JAMIE WILLIAMSON  |  MONDAY, 26 JUL 2021
Among the changes announced this morning, AMP is putting an end to all Buyer of Last Resort (BOLR) arrangements at the end of the year and giving advisers the freedom to leave the network with their clients from 2022. As part of a new service model ...

No charges in AMP BOLR investigation

JAMIE WILLIAMSON  |  FRIDAY, 16 JUL 2021
ASIC's criminal investigation into AMP's fee-for-no-service conduct related to its Buyer of Last Resort Policy has wrapped up, with the regulator and Commonwealth Director of Public Prosecutions determining no charges should be brought. Under ...

Outflows continue at IOOF

KANIKA SOOD  |  THURSDAY, 29 APR 2021
... period's $180 million net inflows. In F ebruary, IOOF flagged it would drop 140 advisers and readied $32 million Buyer of Last Resort (BOLR) spending in FY21 and FY22 as it pivoted towards the self-employed advice model. In the investment management ...

IOOF to spend big on BOLR

KANIKA SOOD  |  THURSDAY, 25 FEB 2021
IOOF expects to spend up to $32 million on paying out Buyer of Last Resort arrangements with financial advisers leaving its network, primarily from Bridges Financial Services. At its half year results yesterday, IOOF reported an expected BOLR spend ...

AMP adviser numbers shrivel

ELIZABETH MCARTHUR  |  TUESDAY, 12 JAN 2021
... Financial Planning advisers filed a class action against the institution in July 2020 over its revaluing of Buyer of Last Resort agreements.