If you obtained an AMP Flexible Lifetime Policy through AMP Financial Planning, Charter Financial Planning or Hillross Financial Services, you may have been wrongfully overcharged.
We are investigating a class action on behalf of AMP Flexible Lifetime Policy holders. We believe they should be fairly compensated.
What is the AMP Insurance Class Action Investigation about?
Shine Lawyers is investigating a class action on behalf of people who obtained an AMP Flexible Lifetime Policy through financial advisers appointed by AMP Financial Planning (AMPFP), Charter Financial Planning (Charter) and Hillross Financial Services (Hillross). The AMP Flexible Lifetime Policy includes death, TPD, trauma, income protection and business protection insurance.
It is alleged that financial advisers appointed by AMPFP, Charter and Hillross failed to inform their clients that they could obtain substantially similar or better insurance policies from alternative insurers for lower premiums. It is alleged these financial advisers were incentivised through commissions and other financial and non-financial benefits to recommend insurance with their related party AMP Life Limited, resulting in their clients paying higher premiums.
It is further alleged that these financial advisers did not act in their clients’ best interests, and that their clients should be compensated for the excess premiums they paid as a result. It is estimated that up to 100, 000 clients were impacted by this unethical financial advice.
This investigation follows a recent landmark Federal Court judgment where AMP was ordered to pay a $5,175,000 penalty for “insurance churn” engaged in by AMP’s financial planners which the Court described as “morally reprehensible” and a breach of AMP’s obligations to its clients.
Can I join the AMP Insurance Class Action investigation?
If you obtained an AMP Flexible Lifetime Policy which includes death, TPD, trauma, income protection and business protection insurance through the following licensees and their authorised representatives, you are encouraged to join this class action investigation:
- AMP Financial Planning
- Charter Financial Planning
- Hillross Financial Services
Your policy may be described as:
- Flexible Lifetime – Protection;
- Flexible Lifetime – Super;
- AMP Flexible Super – Flexible Protection; and
- AMP Flexible Super – Super Protection.
If you have an AMP insurance policy that includes the word Flexible or held such a policy in the period from 1 September 2014 to the present date, please register or contact us and we can confirm if your policy is eligible.
How do I sign up for the AMP Insurance Class Action investigation?
To register for the AMP Insurance Class Action investigation on a no-cost, no-obligation basis, please click the 'Register Now' button below and fill out the registration form.
Who is Shine Lawyers' Class Action team?
Shine Lawyers' Class Action team includes some of the firm’s most experienced practice leaders, solicitors and support staff, including law clerks and paralegals. The AMP Insurance Class Action investigation team includes:
For more information about this class action, see our Common Questions section below.