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Showing 1 - 9 of 9 results for %22Buyer of Last Resort Policy%22

AMP challenges BOLR court ruling

KARREN VERGARA  |  WEDNESDAY, 27 SEP 2023
AMP is 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 ...

AMP loses BOLR changes class action

KARREN VERGARA  |  WEDNESDAY, 5 JUL 2023
... 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 its decision, the Federal Court found in favour of authorised representatives of ...

AMP sued over corporate super misconduct

JAMIE WILLIAMSON  |  FRIDAY, 30 JUL 2021
... earlier this month however, with the regulator confirming it was dropping a criminal investigation related to the group's Buyer of Last Resort Policy and the way in which AMP continued to charge orphaned advice clients despite having no adviser.

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 ...

No charges in AMP BOLR investigation

JAMIE WILLIAMSON  |  FRIDAY, 16 JUL 2021
ASIC's criminal investigation into AMP's fee-for-no-service conduct related to its Buyer of Last Resort Policy has wrapped up, with the regulator and Commonwealth Director of Public Prosecutions determining no charges should be brought. Under ...

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 ...

ASIC using intimidation tactics on grandfathering: AIOFP

ELIZABETH MCARTHUR  |  WEDNESDAY, 16 OCT 2019
... Westgarth is also representing the AMP Financial Planners Association in its fight following AMP's decision to alter its Buyer of Last Resort policy. Johnston said Corrs Chambers Westgarth has indicated to him that the High Court action could assist ...

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's buyer of last resort measures scrutinised

JAMIE WILLIAMSON  |  MONDAY, 16 APR 2018
AMP has admitted that its Buyer of Last Resort measures, up until June 2017, were designed to incentivise financial advisers to show preference for its in-house platforms. Giving evidence on the first day of the Royal Commission's inquiry into financial ...
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