The law firms conducting the class action on behalf of financial advisers against AMP Limited over buyer of last resort (BOLR) contracts have been ordered to pay a costs security of $1.5 million to enable them to obtain key documents covering the company’s changes to the BOLR arrangements and how they occurred.
The documentation filed by the law firms reference AMP Financial Planning having referenced the possibility of a “BOLR run” in its own pleadings.
Federal Court orders made just before Christmas reveal that the firms representing the advisers have sought discovery of key information from AMP Limited including all documents created or received in the period from 1 July, 2018, and 8 August, 2019, relating to any proposed or possible change to the BOLR multiple in the 2017 BOLR Policy.
AMP is obliged to provide the documents on 31 March, this year.
As well, the firms are seeking all documents recording communications or consultation between AMP Financial Planning and AMP Financial Planners Association in relation to the BOLR Multiple between 1 July 2018 and 8 August, 2019.
Included in the documents being sought are those relating to “a decrease in the market value of register rights linked to ongoing revenue including in respect of grandfathered commissions and/or a ‘BOLR run’”.
The lawyers have also sought documents relating to the board meeting of AMP Financial Planning held on 7 August, 2019, and a copy of the minutes of that meeting, all board papers provided to board members for the meeting and all documents recording communications between AMP Financial Planning board members in the period 1 August, 2019, and 7 August, 2019.