Ampfpa tells members it can’t deal with individual circumstances
The AMP Financial Planners Association (ampfpa) has told its members that it is not in a position to provide legal or commercial advice on members’ individual circumstances and that they will need to obtain their own independent legal and commercial advice.
The ampfpa has made its position clear in the same letter which asks member advisers to signal their willingness to be part of a class action against AMP.
The ampfpa’s position has been made clear at the same time as advisers have informed Money Management of approaches made by senior executives of AMP Limited aimed at dealing with the individual circumstances of affected advisers and their practices.
The ampfpa’s letter to members signals that the organisation is not a position to deal directly with those individual cases.
“We appreciate that members will have many questions, including as to how they should respond to approaches from AMP,” the letter said. “Whilst ampfpa is keen to assist members, we are unfortunately not in a position to provide legal or commercial advice on members’ individual circumstances and you should obtain independent legal and commercial advice as required.”
“However, ampfpa welcomes your feedback, and if we are in a position to do so we will endeavour to provide our views on particular frequently asked questions that emerge from such feedback.”
Elsewhere in the letter, the ampfpa said that it was aware that members were “being approached by AMP with various options, and some options may operate such that members give up their rights to pursue AMP in respect of their BOLR rights, including in a potential class action”.
“As noted above, you should obtain independent legal advice and carefully consider your legal and commercial position before agreeing to give up the rights you may have in respect of potential claims against AMP.”
Recommended for you
With regional and rural suburbs exhibiting high spare capacity to invest, Money Management speaks to three regional advisers on the opportunities beyond the major cities and the importance of a strong network.
Platform consolidation is expected to accelerate among financial advisers this year, as software company Finura pinpoints which two platforms are set to be the winners, thanks to this trend.
The software provider has made several appointments in its APAC wealth propositions team, with a focus on driving growth across digital advice, Xplan and strategic partnerships.
The platform has announced it plans to close its Xplore managed discretionary account service in 2026 which holds $2 billion in funds under administration.
