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Showing 1 - 10 of 42 results for "AMPFP"

AMP to pay $29m to settle class action

RIDDHIMA TALWANI  |  THURSDAY, 11 DEC 2025
... AMP commissions and insurance class action was commenced in the Federal Court of Victoria against AMP Financial Planning (AMPFP), Charter Financial Planning (Charter), Hillross Financial Services (Hillross), AMP and Resolution Life Australasia (formerly ...

Adviser numbers jump in March quarter: Rainmaker

KARREN VERGARA  |  FRIDAY, 2 MAY 2025
... The top three non-aligned groups were Alliance Wealth with 351, Count Financial with 331 and Lifespan with 289. Overall, AMPFP is the largest with 857 advisers. Meanwhile, the fastest-growing groups were Lifespan and Centrepoint Alliance, which each ...

AMP BOLR litigants face lengthy payout process

KARREN VERGARA  |  TUESDAY, 17 SEP 2024
... fair or reasonable result." In July 2023, the Federal Court determined that AMP's devaluation of AMP Financial Planning (AMPFP) practices from 4x to 2.5x recurring revenue was "unconscionable". AMP also changed the multiple for grandfathered commission ...

Federal Court approves AMP BOLR class action settlement

KARREN VERGARA  |  MONDAY, 9 SEP 2024
... payout and making AMP accountable for its actions. Justice McElwaine approved the settlement amount AMP Financial Planning (AMPFP) must now pay financial advisers who saw the value of their practices deteriorate on the back of parent company AMP controversially ...

Litigation funder disputes AMP BOLR settlement

KARREN VERGARA  |  WEDNESDAY, 8 MAY 2024
... BOLR liability stood at $1.2 billion covering about 800 practices. On 8 August 2019, when the BOLR changes were introduced, AMPFP had 542 practices in its network. Fewer practices - about 135 - took part in the class action. Equity Financial Planners ...

Former AMP adviser banned by ASIC

ANDREW MCKEAN  |  THURSDAY, 14 DEC 2023
ASIC has prohibited former AMP Financial Planning (AMPFP) adviser Darron Mink from providing financial services or engaging in credit activities for five years. Mink, who was also the sole director of Newcastle's Pinnacle Financial and Investment ...

AMP loses BOLR changes class action

KARREN VERGARA  |  WEDNESDAY, 5 JUL 2023
... its next steps". "AMP will provide an update in due course," the wealth management firm said. The BOLR changes sprung by AMPFP left many of its advisers up in arms, claiming that they were reassured by executives in May 2018 that the terms would be unchanged. ...

AMP fined $24m for charging deceased customers

KARREN VERGARA  |  FRIDAY, 19 MAY 2023
... AMP Financial Planning, AMP Superannuation, and NM Superannuation - breached the law. However, only AMP Life ($18m) and AMPFP ($6m) will pay a combined penalty of $24 million. AMP Life and AMP Financial Planning admitted that they engaged in unconscionable ...

The Advisers Association appoints chair

CHLOE WALKER  |  WEDNESDAY, 16 FEB 2022
... The TAA board is comprised of representatives from its member base: authorised representatives of AMP Financial Planning (AMPFP) and Hillross Financial Services.

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 ...
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