Business
AMP, CBA, Westpac face fresh class action threat – The Australian Financial Review
Piper Alderman is planning to bring a ‘series of class actions against major financial institutions’, including AMP, CBA and Westpac, for alleged breaches of FoFA laws.
They will be open to consumers who purchased financial products on the advice of a financial planner authorised by licensees including AMP Financial Planning, AMP’s Hillross and Charter businesses, and Commonwealth Financial Planning.
Former customers of defunct licensees such as Westpac’s Securitor and Magnitude subsidiaries and CBA’s troubled Financial Wisdom brand, all of which were closed as part of the big banks’ partial exit from the wealth management industry, are also being encouraged t…
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