Ampfpa tells members it can’t deal with individual circumstances

9 September 2019
| By Mike |
image
image
expand image

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.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 3 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 1 day ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 5 days ago