There are provisions for dealing with the bolr issue - for commercial resolution case by case - but not the class action specifically. I have suggested the class action could cost AMP $400m and some if this may be covered by the commercial resolution provision and that AMP have the funds to cover the payment so when AMP was a $5 billion company it was not a killer problem. Now a slightly bigger hit in % terms but not a killer. Would have been better to honor the contracts and retain good faith of advisers.
AMP has now worn out all good faith with advisers and its own employees - as yet another 20% get to go to help make AMP “leaner and more sustainable”. Mind you, most are happy to go by now.
only the new team with no AMP experience and no adviser relationships are happy to be there. Proving that ignorance is bliss.
AMP Price at posting:
$1.18 Sentiment: Hold Disclosure: Held
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