AMP to appeal BOLR court decision
AMP Limited will appeal its Federal Court loss on the Buyer of Last Resort (BOLR) class action.
The company announced to the Australian Securities Exchange (ASX) its intention to appeal the judgement handed down in July.
However, it also said that the parties had agreed to engage in mediation on the issue which is scheduled to take place in November.
Signalling that the company preferred a mediated outcome, AMP Group Executive, Advice, Matt Lawler said:
“While we believe we have grounds on which to appeal, we also recognise the ongoing impact the proceedings are having on practices, with whom we’ve worked hard to rebuild strong and trusted relationships. We value these relationships and that’s why we are fully committed to the upcoming mediation process in November 2023, with the aim of reaching agreement on an outcome that allows us to put this behind us.”
AMP lack humility and maintain a staggering degree of arrogance.
This sends an appalling message to those still licensed with them and the firms they hold equity in.
For those that are still licensed with AMPFP or are using North remember that actions speak louder than words. For all their management drivel about wanting to move forward as an ethical organisation they are prepared to support their acts which have been found to be illegal by the original judge.
Its a real ‘save the furniture’ moment over there at AMP. I bet the AMPFP advisers are really pleased.
Matt comes from the realms of NAB, so you’d expect neither compassion nor understanding in the continual damage this does.
AMP are apparently trying hard to rebuild their deservedly tarnished image, yet taking a large step in the wrong direction with this yet again.
Their continued denial of the terms with with they built their business based on the work of advice firms is nothing short of appalling…. After a very short time under their banner years ago (not of my choosing) I’m glad I exited, and feel sorry for those that elected to stay.
Nothing has changed it seems.
Knowing the lack of ethical behaviour by AMP head office, why would any sane adviser use their North platform? We’ve looked at it and analysed it many times and can find no compelling feature that would convince any rational planner to use compared to all the better client solutions out there.
What do you use?
Hub 24 !! Hands down!!
Honestly I just don’t think advisers get it at all !!
You’ve be well and truly f###d by AMP why in anyone’s right mind would you support them or any product they may have??
Don’t be insane not ever one bit of business with the at all EVER!
Big mistake!!!
Given AMP’s disgusting totally blame Advisers in RC, kill their Advisers post RC and change BOLR contracts, etc.
I can’t imagine any non AMP aligned Adviser of any sanity, would place any form of business via AMP.
Does anyone do this ?
Plenty of AMP advisers placed not only their own pockets but their peers also ahead of their “registry” (that’s clients to you), and will continue to do so.
About 15 years ago, I heard an adviser warn, “Dancing with the Devil will get your burned,” referring to AMP. For two decades, I’ve advised against AMP products due to events that we all knew existed becoming public at the Royal commission. Now, advisers are inquiring about NORTH, a company tarnished enough to hide its name. Doesn’t this raise ethical questions? Are these ex AMP advisers still morally bankrupt? My sympathy lies with newer advisers who were misled into acquiring “registers” at subsidized rates. Ideally, older ex AMP advisers should undergo a re-education process to shed their ties to AMP, but fortunately, many have left the industry.