The Australian Securities and Investments Commission has banned a former AMP authorised representative who is suing the wealth manager for allegedly terminating him without proper cause and forcing him to sell his business for $6.1 million under its buyer of last resort program.
AMP has agreed to pay $100 million to settle a class action by financial advisers over its buyer of last resort policy, after suffering a loss at trial.
AMP has been taken to court by a former licenced financial advisor who alleges he was terminated without proper and sufficient cause and forced to sell his business for $6.1 million under the wealth manager’s buyer of last resort program.
Maurice Blackburn will seek $26 million in costs from a $110 million settlement in a long-running class action against AMP over its fees-for-no-service conduct, leaving more than three-quarters of the settlement to be distributed to group members.
The judge overseeing a slow moving class action against four AMP subsidiaries and two trustees over alleged excessive superannuation fees has expressed his frustration with delays in the case, fixing the case for trial over the wealth manager’s protest.
AMP and a group of financial advisers in a class action over changes to the firm’s buyer of last resort policy have agreed to another round of mediation, even as the wealth manager appeals a judge’s liability finding.
AMP has appealed its loss in a class action over changes to its buyer of last resort policy, under which the wealth manager slashed the amount it would pay financial advisers for their books of business.
A shareholder class action that was filed in the wake of the banking royal commission over AMP’s fees-for-no-service practices has settled for $110 million.
AMP has set aside $50 million in its financial statement for the first half of 2023 to cover potential liability in a class action won last month by financial advisers over the wealth manager’s buyer of last resort policy.
It was “fundamentally wrong” that AMP Financial Planning paid consultant PricewaterhouseCoopers significantly more to review a court-ordered remediation than was paid to customers who suffered loss after an adviser churned life insurance policies for higher commissions, a judge has said.