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Showing 31 - 40 of 55 results for "Buyer of Last Resort"

AMP extends adviser deadline

JAMIE WILLIAMSON  |  WEDNESDAY, 30 OCT 2019
... end. Following on from AMP's decision earlier this year to restructure its advice business and slash Buyer of Last Resort (BOLR) multiples, financial advisers who were given their notice by the institution have been given an additional month to consider ...

ASIC using intimidation tactics on grandfathering: AIOFP

ELIZABETH MCARTHUR  |  WEDNESDAY, 16 OCT 2019
... representing the AMP Financial Planners Association in its fight following AMP's decision to alter its Buyer of Last Resort policy. Johnston said Corrs Chambers Westgarth has indicated to him that the High Court action could assist the AMPFPA in ...

AMPFPA selects law firm

JAMIE WILLIAMSON  |  TUESDAY, 15 OCT 2019
... high-profile law firm to explore legal options available to its members following AMP's decision to alter its Buyer of Last Resort policy. The AMPFPA has selected Corrs Chambers Westgarth to act on behalf of members in investigating legal action ...

AMP advisers prepare for battle

JAMIE WILLIAMSON  |  FRIDAY, 13 SEP 2019
... after a survey of its member practices found 93% would support legal action over the changes to AMP's Buyer of Last Resort terms. Having canvassed legal firms and potential funders, AMPFPA chief executive Neil Macdonald said members intend to hold ...

Government should intervene in BOLR changes: Opposition

JAMIE WILLIAMSON  |  FRIDAY, 23 AUG 2019
... the state government is doing for advisers facing financial ruin as a result of AMP's plan to change Buyer of Last Resort terms. Speaking in NSW parliament earlier this week, member of the opposition Daniel Mookhey asked minister for finance and ...

AMP advice lead rejects AMPFPA claims

JAMIE WILLIAMSON  |  MONDAY, 19 AUG 2019
... has rebuffed claims the group failed to meet its legal obligations to advisers in announcing changes to its Buyer of Last Resort terms, saying the AMP Financial Planning Association was informed ahead of time and adviser feedback was sought in shaping ...

AMP advisers to fight BOLR changes

JAMIE WILLIAMSON  |  MONDAY, 12 AUG 2019
The AMP Financial Planners Association will contest changes to AMP's Buyer of Last Resort terms flagged last week, saying the group has failed to meet contractual obligations to advisers. Last week, AMP signaled it would look to align BOLR business ...

Advisers to bear brunt of AMP failings

JAMIE WILLIAMSON  |  FRIDAY, 9 AUG 2019
AMP advisers planning to exercise their Buyer of Last Resort (BOLR) arrangements look set to have their business valuations slashed as part of the institution's new strategy. AMP chief executive Francesco De Ferrari said the group will look to recalculate ...

AMP profits dive, chief pay restructured

ELIZABETH MCARTHUR  |  THURSDAY, 8 AUG 2019
... businesses drove a revenue decrease of $40 million to just $17 million. This half's results were also impacted by Buyer of Last Resort arrangements. AMP says the impact of practices submitting Buyer of Last Resort notices and other factors resulted in ...

Financial Wisdom to shut down

JAMIE WILLIAMSON  |  WEDNESDAY, 7 AUG 2019
... The bank noted in its results that agreements pre-dating 2013 allow Financial Wisdom advisers to exercise a Buyer of Last Resort provision but no applications have been received to date. "It is not currently possible to reliably estimate the financial ...