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.
Shine Lawyers has launched a class action on behalf of AMP Flexible Lifetime Policy holders in the Federal Court of Australia. We believe they should be fairly compensated. On 2 March 2021, Shine Lawyers joined forces with another law firm Piper Alderman who was running a similar class action against AMP. The class action against AMP has now been consolidated and we are running the class action against AMP together, it is called Stack & Ors v AMP Financial Planning Pty Ltd & Ors.
What is the AMP Insurance Class Action about?
Shine Lawyers has filed a class action on behalf of people who obtained an AMP Flexible Lifetime policy through financial advisors appointed by AMP Financial Planning (AMPFP) and Hillross Financial Services, and is investigating a similar claim against Charter Financial Planning (Charter). 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 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. ASIC has also commenced proceedings against AMP in the Federal Court for AMP charging life insurance fees to deceased persons, this follows revelations during the Royal Commission where AMP admitted to charging premiums for life insurance to thousands of deceased persons for a number of years.
Can I join the AMP Insurance Class Action?
You may be eligible for compensation as a member of the AMP Insurance Class Action if:
- AMP Financial Planning
- Charter Financial Planning
- Hillross Financial Services
- Flexible Lifetime – Protection*
- Flexible Lifetime – Super*
- AMP Flexible Super – Flexible Protection; and*
- AMP Flexible Super – Super Protection*
If you meet the above conditions, you may be entitled to compensation, and you are encouraged to register for the AMP Insurance Class Action.
How to register for the AMP Insurance Class Action
Who is Shine Lawyers’ Class Action team?
Shine Lawyers’ Class Action team includes some of the firm’s most experienced solicitors and support staff. The team includes: