Did you purchase an AMP Flexible Lifetime Policy that includes death, TPD, trauma, income protection and business protection insurance any time after 2013? You may have been wrongfully overcharged and could be entitled to compensation.
Shine Lawyers is preparing to commence a class action in the Federal Court on behalf of people who obtained insurance issued by AMP Life Limited on the recommendation of financial advisers appointed by AMP Financial Planning (AMPFP), Charter Financial Planning (Charter) and Hillross Financial Services (Hillross).
What is the AMP Insurance Class Action about?
The class action alleges that since at least 2013, 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.
Our class action will claim 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 class action 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.
Who is eligible for the class action?
The class action is open to anyone who obtained an AMP Flexible Lifetime Policy which includes death, TPD, trauma, income protection and business protection insurance from 2013 on the recommendation of the following licensees and their authorised representatives:
- AMP Financial Planning
- Charter Financial Planning
- Hillross Financial Services
How do I register my interest in the AMP Insurance Class Action?
If you would like to register your interest in joining the AMP Insurance Class Action 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 team includes:
For more information about this class action, see our Common Questions section below.