According to BingAccording to the searchresults, the **AMP BOLR Class Action** is a legal proceeding brought by somefinancial advisers who are or were authorised by **AMP Financial Planning PtyLtd** (AMPFP) in response to its decision to reduce its adviser network and cutthe amount it would pay for their businesses under its **Buyer of Last Resort(BOLR)** terms, without notice, from 4 times recurring revenue to a maximum of2.5 times¹²³.
The class actionwas filed in the Federal Court of Australia in Melbourne on 29 July 2020¹³ andis supported by the Advisers Association (TAA), a representative body for AMPadvisers³. The class action is open to all current and former AMPFP adviserswho entered into BOLR contracts with AMPFP before 8 August 2019².
The exact number ofclaimants in the class action is not publicly available, but according to somesources, there were over 100 complaints from AMP advisers related to the BOLRchanges as of July 2020³, and over 60 cases were referred for mediation by theAustralian Small Business and Family Enterprise Ombudsman³. The TAA also saidthat many of its members, both those exiting and those staying, had joined theclass action³. Therefore, it is likely that the number of claimants is in thehundreds.
Source:Conversation with Bing, 05/07/2023
(1) AMP advisersbegin BOLR class action - SMS Magazine. https://smsmagazine.com.au/news/2020/07/29/amp-advisers-begin-bolr-class-action/.
(2) BOLR classaction commences - Professional Planner. https://www.professionalplanner.com.au/2022/10/bolr-class-action-commences/.
(3) Class actionfiled against AMP on BOLR | Money Management. Disallowed/news/financial-planning/class-action-filed-against-amp-bolr.
(4) $1.895msecurity sought within AMP adviser class action. https://financialnewswire.com.au/financial-planning/1-895m-security-sough-within-amp-adviser-class-action/.
(5) Ampfpacanvasses litigation funder to undewrite AMP class action. Disallowed/news/financial-planning/ampfpa-canvasses-litigation-funder-undewrite-amp-class-action.
Effect of Buyer of Last Resort class action proceedings, page-2
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