The AMP Financial Planners Association (ampfpa) has selected leading Australian law firm, Corrs Chambers Westgarth (Corrs) to investigate legal action available to ampfpa members, including the potential for a class action, against AMP Financial Planning (AMPFP).
The ampfpa surveyed its members following AMPFP attempts to make changes without notice to its Buyer of Last Resort (BOLR) policy in August 2019 and found that a very high proportion was interested in pursuing legal action. The survey had a response rate of over 90%, with more than 93% of respondents indicating they support legal action.
Since receiving that response, ampfpa has been meeting with and interviewing various tier one law firms to identify the most suitable firm to nominate to act on behalf of members.
Neil Macdonald, ampfpa CEO, says, “After considering the options and meeting with and interviewing a number of tier one law firms, we believe Corrs meets the criteria our members wanted.”
Corrs is currently undertaking a range of investigations into the potential claims that may be available to ampfpa members, including the potential class action. Members wishing to explore their legal options via Corrs are being encouraged to register their interest with the firm.
About the ampfpa The AMP Financial Planners Association Ltd (ampfpa) is a non-profit, member-based association, with a primary role to represent its members. Members are all authorised representatives of AMP Financial Planning (AFSL 232706). Ampfpa also works closely with the Hillross, Charter and New Zealand adviser associations.