AMP settles advice commissions class action for $29m
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The news: Financial services provider AMP has settled a class action lawsuit relating to historical payment of commissions and insurance advice for $29 million.
The context: AMP has made no admission of liability and the settlement is subject to finalisation, execution of a deed of settlement and approval by the federal court.
The proceedings commenced in 2020 and included historical activity including the payment of commissions between July 2014 and February 2021.
The claims were brought against AMP Limited and advice licensee subsidiaries formerly part of the AMP advice network including AMP Financial Planning, Charter Financial Planning and Hillross Financial Services.
There were also claims against insurance provider Resolution Life Australasia, formerly AMP Life.
What they said: “I’m pleased that we have resolved another legacy legal matter as we focus on the future and on delivering for our customers and members,” AMP chief executive Alexis George said.
The source: ASX
