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This is no different to the Govt pushing to legislate now against grandfathered commissions that were previously absolved from being included within FOFA legislation based on legal advice provided and accepted and because in Bill Shorten's words " will not apply to existing contractual rights of an adviser to receive ongoing product commissions".
I would suggest the AMP advisers have a contractual right in relation to the negotiated BOLR, but lets watch AMP do everything in their power to waste and burn advisers who have supported them through years of turmoil and angst.
It is demonstrably unethical in every sense of the word.
In addition to this, AMP will now try every trick in the book to try and ping an adviser with a minor compliance breach that may have occurred a decade ago and apply current compliance requirements to retrospective advice parameters.
This will be purely to satisfy a get out clause in the BOLR and hence their obligations.
Sure, getting 4.5 times now is very difficult, but that is on the open market and the agreement with AMP is internal and has been negotiated and signed off.
Now, AMP want to change the goal posts and destroy peoples lives because it's suits them...just like the current Govt does with the grandfathered commissions.....they want to change retrospective legislation to suit their agenda.
It's not on and its filthy, dirty practice and goes to show that a relationship is always under the control of the party who cares the least.