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Showing 31 - 40 of 55 results for %22Buyer of Last Resort%22

AMPFPA selects law firm

JAMIE WILLIAMSON  |  TUESDAY, 15 OCT 2019
... appointed a 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 ...

AMP advisers prepare for battle

JAMIE WILLIAMSON  |  FRIDAY, 13 SEP 2019
... going forward 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 ...

Chief economist update: 'Paradox of Thrift' in action

BENJAMIN ONG  |  THURSDAY, 12 SEP 2019
... outnumber optimists - from 100.0 in the previous month and has trended lower since hitting the high of 106.1 back in July last year. This is the slow boiling of the frog. Contrast this with the "frog dropped in boiling water" during the Great Recession ...

Government should intervene in BOLR changes: Opposition

JAMIE WILLIAMSON  |  FRIDAY, 23 AUG 2019
... has asked what 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 ...

AMP advice lead rejects AMPFPA claims

JAMIE WILLIAMSON  |  MONDAY, 19 AUG 2019
... advice business 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 ...

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
... protection 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 ...

Financial Wisdom to shut down

JAMIE WILLIAMSON  |  WEDNESDAY, 7 AUG 2019
... Commonwealth Bank. 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 ...

Fees for no service an old issue: AMP

DARREN SNYDER  |  FRIDAY, 4 MAY 2018
... "ring-fencing" and "the 90-day exception". "Between 2010 and 2016, of the 2417 register transactions that took place, 39 were Buyer Of Last Resort (BOLR) transactions which involved application of the 90-day exception," the AMP submission said. "We have ...