AMP Starts To Cleanout Practices That Are “Not Strong Enough”

AMP has started the process of notifying advisers of their intention to cancel their authorisations. The move was confirmed yesterday by an AMP spokesperson although they declined to comment further and did not specify how many notifications have been sent out to date. Some media reports say the termination notices have been sent to hundreds of AMP aligned planners already. Meanwhile, The AMP Financial Planners Association (AMPFPA) may engage a litigation funder to help underwrite a class action against AMP Limited in regard to the companies changes to their Buyer of Last Resort (BOLR) scheme.