Ampfpa tells members it can’t deal with individual circumstances

9 September 2019

The AMP Financial Planners Association (ampfpa) has told its members that it is not in a position to provide legal or commercial advice on members’ individual circumstances and that they will need to obtain their own independent legal and commercial advice.

The ampfpa has made its position clear in the same letter which asks member advisers to signal their willingness to be part of a class action against AMP.

The ampfpa’s position has been made clear at the same time as advisers have informed Money Management of approaches made by senior executives of AMP Limited aimed at dealing with the individual circumstances of affected advisers and their practices.

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The ampfpa’s letter to members signals that the organisation is not a position to deal directly with those individual cases.

“We appreciate that members will have many questions, including as to how they should respond to approaches from AMP,” the letter said. “Whilst ampfpa is keen to assist members, we are unfortunately not in a position to provide legal or commercial advice on members’ individual circumstances and you should obtain independent legal and commercial advice as required.”

“However, ampfpa welcomes your feedback, and if we are in a position to do so we will endeavour to provide our views on particular frequently asked questions that emerge from such feedback.”

Elsewhere in the letter, the ampfpa said that it was aware that members were “being approached by AMP with various options, and some options may operate such that members give up their rights to pursue AMP in respect of their BOLR rights, including in a potential class action”.

“As noted above, you should obtain independent legal advice and carefully consider your legal and commercial position before agreeing to give up the rights you may have in respect of potential claims against AMP.”

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We care deeply about our members and work with them on their individual circumstances all the time. However, we are not lawyers or tax advisers so individual members need to get their own professional advice.

AMPFP lied to ASIC 20 times. The AMPFPA have barely done anything for advisers over the last 10 years.

If Neil McDonald told me it was a sunny day, I would go have a look. I wonder who the AMPFPA actually represent because history shows it certainly isn't the adviser network.
I wonder how many AMPFPA board members have done cushy deals with AMPFP?

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