In our Commercial Update of 14 August last year (Sale or purchase of financial planning practices) we commented on the significant volatility and turmoil which the financial planning industry had experienced in the preceding several years. That included, amongst other things, the Royal Commission and the filing of a class action by AMP planners challenging the changes made by AMP to its Buyer of Last Resort (BOLR) Policy.
The class action is winding its way through the Federal Court. Andrew Cox and Michael Bishop of our office have been advising AMP planners on various aspects of their exit from AMP including in connection with associated finance arrangements with AMP Bank but also regarding how to exit AMP whilst seeking to preserve their rights to participate in the class action.
