Money: AMP Financial Planning admits it failed to act in clients' best interests - PressFrom - Australia
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MoneyAMP Financial Planning admits it failed to act in clients' best interests

02:55  22 may  2019
02:55  22 may  2019 Source:   msn.com

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AMP admitted it failed to keep its planners in line and acting in their clients ' best interests . both by financial advisers and the companies who employ or authorise them, and that the interests of ASIC better resourced. The case was brought by ASIC in the middle of the Hayne banking royal

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AMP Financial Planning admits it failed to act in clients' best interests© Provided by ABC Business

AMP Financial Planning has admitted that it clients were not provided with appropriate advice, nor did it act in their best interests.

The company will be taken to court by the Australian Securities and Investments Commission (ASIC) from June 19 to 21, 2019.

ASIC is seeking civil penalties against AMP, and will also ask the Federal Court to make a "compliance plan" order.

"AMP has made these admissions of wrongdoing prior to a contested liability hearing to be held in June which would have lasted two weeks," ASIC deputy chair Daniel Crennan QC said.

"A decision on liability is no longer necessary. Instead, there will be a three-day hearing in June to determine penalty.

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quality of financial advice that had been provided by 137 licensees to self-managed super funds, and found that 90% of cases had failed to be in clients ’ best interests . past decade to clients who had suffered financial loss as a result of financial advice or a failure to provide ongoing advice services.

"We welcome this development and are pleased that because of AMP's admissions, the matter will be resolved significantly sooner than if the matter was fought on liability."

Putting commissions ahead of clients

The corporate regulator accused AMP's financial planners of "rewriting conduct" to the detriment of their clients.

Essentially, the planners are alleged to have advised clients they needed to cancel existing contracts for life, income protection, trauma, as well as total and permanent disability insurance policies.

The clients were then sold similar replacement AMP policies rather than transferring existing policies.

"By advising clients to submit new applications, the financial planners stood to receive higher commissions than they would have received under a transfer," ASIC said in a statement in June 2018, when it started the lawsuit.

ASIC also alleged that AMP's planners knew — or should have known — by July 1, 2013, about "the detriment this conduct caused to the clients".

Regardless, AMP failed to take reasonable steps to address the wrongdoing for the next two years.

AMP's share price had fallen 1.1 per cent to $2.25 at 12:50pm today (AEST).

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