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Showing 1 - 10 of 24 results for "Financial Planning advisers"

What you read in 2023

JAMIE WILLIAMSON  |  FRIDAY, 15 DEC 2023
... time. 10) AMP loses BOLR changes class action (July 5) The Federal Court ruled in favour of the AMP Financial Planning advisers who saw the buy-back value of their businesses slashed by controversial changes to AMP's Buyer of Last Resort provisions ...

AMP selects new chief technology officer

CHLOE WALKER  |  WEDNESDAY, 29 NOV 2023
... function and building a depth of talent," George said. Last week, AMP reached a settlement with AMP Financial Planning advisers in the long-running Buyer of Last Resort (BOLR) class action. The wealth manager will pay $100 million - an amount double ...

AMP to pay $100m to settle BOLR class action

JAMIE WILLIAMSON  |  THURSDAY, 23 NOV 2023
... initially provisioned. The wealth manager announced this morning it has reached a settlement with AMP Financial Planning advisers in the BOLR class action that dates back to July 2020. After provisioning $50 million for the fallout in its 1H23 results ...

AMP challenges BOLR court ruling

KARREN VERGARA  |  WEDNESDAY, 27 SEP 2023
... appealing the Federal Court's Buyer of Last Resort (BOLR) ruling that determined in favour of AMP Financial Planning advisers who saw the valuations of businesses slashed by 40%. AMP filed a Notice of Appeal in the Federal Court yesterday, challenging ...

Munich Re targets AMP over alleged reinsurance misconduct

ANDREW MCKEAN  |  WEDNESDAY, 23 AUG 2023
... Last Resort (BOLR) terms. Its changes caused a marked reduction in the practice valuations of AMP Financial Planning advisers. In an ASX announcement, George said: "We have booked a $50 million provision in response to the judgment in the Financial Adviser ...

AMP provisions $50m in response to class action

ANDREW MCKEAN  |  THURSDAY, 10 AUG 2023
... ruled against AMP over its controversial change to the Buyer of Last Resort (BOLR) rules, backing AMP Financial Planning advisers who protested against the decline in their business valuations from 4x to 2.5 recurring revenue. Due to this change, businesses ...

AMP loses BOLR changes class action

KARREN VERGARA  |  WEDNESDAY, 5 JUL 2023
The Federal Court this morning has ruled in favour of disgruntled AMP Financial Planning advisers who saw the value of their practices deteriorate after the parent company controversially changed its Buyer of Last Resort (BOLR) rules. In handing down ...

Midwinter scores AIA mandate

CHLOE WALKER  |  MONDAY, 21 MAR 2022
... effectively." AIA Financial Wellbeing was created when Commonwealth Bank transferred some of its Commonwealth Financial Planning advisers to the insurer as part of its broader plan to shutter the licensee. It operates under a separate AFSL to the insurer ...

New AIA advice unit names chief executive

KARREN VERGARA  |  FRIDAY, 30 JUL 2021
... business has named a chief executive to lead its efforts, as the life insurer brings some Commonwealth Financial Planning advisers into the fold. The life insurer has set up AIA Financial Wellbeing, led by Pina Sciarrone, who is the chief executive and ...

AMP adviser numbers shrivel

ELIZABETH MCARTHUR  |  TUESDAY, 12 JAN 2021
... ASIC FAR data. "AMP made the decision that they weren't economically viable," Macdonald said. AMP Financial Planning advisers filed a class action against the institution in July 2020 over its revaluing of Buyer of Last Resort agreements.
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