Search ResultsShowing 1 - 10 of 19 results for "BOLR"
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 ...
AMP advisers prepare for battle
JAMIE WILLIAMSON  |  FRIDAY, 13 SEP 2019
... that as recently as May 2018 the then-managing director of AMP Financial Planning had met with practices to assure them BOLR terms would be unchanged, leading those businesses to remain with the licensee. The association has prepared an issues paper ...
Government should intervene in BOLR changes: Opposition
JAMIE WILLIAMSON  |  FRIDAY, 23 AUG 2019
The NSW shadow minister for finance and small business 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 ...
AMP advice lead rejects AMPFPA claims
JAMIE WILLIAMSON  |  MONDAY, 19 AUG 2019
... required 13 months' notice of a substantial change. Wade rebuked this, saying the AMPFPA received a full briefing on the BOLR changes on July 25 - two weeks before they were announced to the market. The association was also provided detailed documentation ...
AMP advisers to fight BOLR changes
JAMIE WILLIAMSON  |  MONDAY, 12 AUG 2019
... saying the group has failed to meet contractual obligations to advisers. Last week, AMP signaled it would look to align BOLR business valuations to realistic market values of around 2.5x. It also announced a renewed wealth strategy focused on quality ...
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 ...
Australian Ethical divests AMP
ALEX BURKE  |  THURSDAY, 10 MAY 2018
... decision, in the face of internal recommendations to stop the practice, to continue charging clients when they were put into the BOLR pool. We also learned that AMP misled ASIC about the nature of this practice," Palmer explained. Financial Standard ...
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