Embattled wealth manager AMP is likely to face an inquiry over its treatment of financial planners, after a move that forced hundreds of its own advisers out of business.
Embattled wealth manager AMP is likely to face another inquiry over its behaviour, this time into its treatment of its financial planners.The ABC understands a class action against AMP will be filed imminentlyLabor senator Deborah O'Neill has written to the chair of the Parliamentary Committee on Financial Services, senator James Paterson, calling for an "immediate inquiry" into AMP's behaviour.
"What AMP has done to its advisers is disgraceful, it has chucked them under the bus," he told the ABC. The planners targeted by AMP had businesses that were not making enough money or selling enough products to clients. "This was also applied retroactively to many planners who had purchased client books in good faith with this guarantee.
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