ampfpa retains class action law firm

The AMP Financial Planners Association (ampfpa) has named legal firm Corrs Chambers Wesgarth as its preferred firm to undertake any class action on behalf of its members.

In an announcement made today, the ampfpa said that the law firm was currently undertaking a range of investigations into potential claims, including a potential class action.

The ampfpa announcement said that the organisation had surveyed its members following AMP’s attempts to make changes without notice to its Buyer of Last Resort (BOLR) policy in August 2019 and found that a very high proportion was interested in pursuing legal action.

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The survey had a response rate of over 90%, with more than 93% of respondents indicating they support legal action.

It said that since receiving that response, ampfpa has been meeting with and interviewing various tier one law firms to identify the most suitable firm to nominate to act on behalf of members.

Commenting on the move, ampfpa chief executive, Neil Macdonald said that after considering the options and meeting with and interviewing a number of tier one law firms, the organisation believed Corrs meets the criteria our members wanted.”

“Corrs is currently undertaking a range of investigations into the potential claims that may be available to ampfpa members, including the potential class action. Members wishing to explore their legal options via Corrs are being encouraged to register their interest with the firm.”

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It’s a shame none of these adviser groups have the kahunas to push back against the media or government on the bad publicity and extreme compliance band aid measures that keel getting brought up. The rats fighting for the last crumb before they exit.

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