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Search ResultsShowing 1 - 10 of 25 results for "BOLR"
Alex Wade leaves AMP
JAMIE WILLIAMSON  |  THURSDAY, 6 AUG 2020
... seen the value of their businesses decimated by the group's decision to no longer honour their Buyer of Last Resort (BOLR) agreements . ASIC currently has five investigations into AMP ongoing and has briefed the Commonwealth Director of Public Prosecutions ...
Advisers file class action against AMP
JAMIE WILLIAMSON  |  WEDNESDAY, 29 JUL 2020
... relation to the institution's decision to slash Buyer of Last Resort valuations last year. Almost one year on from the news BOLR valuations would be cut from 4x recurring revenue to a maximum of 2.5x, Corrs Chambers Westgarth filed an open class ...
AMP advisers low priority for ASIC
ELIZABETH MCARTHUR  |  WEDNESDAY, 15 JUL 2020
Senator Deborah O'Neil has revealed she was told by ASIC that AMP's Buyer of Last Resort (BOLR) agreements being altered and subsequently slashing the value of advice businesses was not a priority for the regulator. In a letter to the chair of the Parliamentary ...
Calls to investigate treatment of AMP advisers
ELIZABETH MCARTHUR  |  FRIDAY, 26 JUN 2020
... a Senator to look into AMP's treatment of financial advisers, including reducing the value of its Buyer of Last Resort (BOLR) agreements. Labor senator for NSW Deborah O'Neill has written to ASIC chair James Shipton, urging him to investigate the AMP ...
AMP defends hefty remuneration bill
ELIZABETH MCARTHUR  |  FRIDAY, 8 MAY 2020
... Resort agreements De Ferrari chose not to get too specific. He confirmed about 260 practices are seeking to enact their BOLR agreement but did not say at what level those BOLR agreements would be honoured. "We are setting funds aside to meet our BOLR ...
What you read in 2019: Financial advice
JAMIE WILLIAMSON  |  THURSDAY, 19 DEC 2019
... claims In early August AMP announced its plans to reshape its advice offering, including the highly contentious changes to BOLR terms (more detail below). Shortly after, the then-head of AMP's advice business, Alex Wade told Financial Standard AMP ...
AMP extends adviser deadline
JAMIE WILLIAMSON  |  WEDNESDAY, 30 OCT 2019
... 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 ...
Senior lawyer drags AMP to court
KANIKA SOOD  |  THURSDAY, 24 OCT 2019
... Cook says that by November, 2016 she had become aware that AMP Group companies had charged fees to orphan customers in its BOLR pool fees without providing services to them. She also claims that as of that date, she was aware that companies in the AMP ...
ASIC using intimidation tactics on grandfathering: AIOFP
ELIZABETH MCARTHUR  |  WEDNESDAY, 16 OCT 2019
... High Court action could assist the AMPFPA in its legal challenge, due to the impact the end of grandfathering will have on BOLR valuations particularly since AMP's policy changed in August. "BOLR changes are all based on grandfathered commissions ...
AMPFPA selects law firm
JAMIE WILLIAMSON  |  TUESDAY, 15 OCT 2019
... battle with AMP Financial Planning over its decision to change its Master Terms in regards to business valuations under the BOLR policy without notice or consultation. Speaking to Financial Standard shortly after the announcement, AMP's then-group ...
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