Business
Aggrieved planners hit AMP with class action – The Australian Financial Review
AMP will defend a class action lawsuit filed by current and former financial advisers seeking damages for dishonoured contract terms.
It was widely regarded as a generous offer out of step with industry practice and a key part of AMP’s strategy to draw in large numbers of self-employed advisers in its bid to become the nation’s largest financial planning network.
But in August 2019, just months after the royal commission’s final report levelled allegations of widespread misconduct against AMP, the company slashed the rate to 2.5 times earnings in a move it said was more in line with “market conditions” but left practices rely…
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