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AMP Insurance Class Action

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.

Current Status

On 21 December 2020, the Federal Court ordered the consolidation of the AMP Insurance class action with a related proceeding against AMP and AMP financial advisers being conducted by Piper Alderman. This means that both claims are now being conducted jointly by Shine Lawyers and Piper Alderman.

In June 2021, AMP filed an application to have the AMP Insurance class action “de-classed” (dissolved into individual disputes). If allowed, this would have effectively ended the AMP Insurance class action. Shine Lawyers and Piper Alderman needed to undertake extensive work to respond to AMP’s de-classing application.

On 25 November 2021, the Court dismissed AMP’s de-classing application, meaning that the AMP Insurance class action can continue. Following the Court’s decision, we and Piper Alderman have filed updated consolidated pleadings. These documents are available for your review:

AMP filed an amended defence on 28 February 2022.

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:

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:
  • AMP Financial Planning
  • Charter Financial Planning
  • Hillross Financial Services
Please note that financial advisers providing AMP Flexible Lifetime policies may have operated under different names to the above. If you are not certain whether your adviser was a part of one of the above licensees, please either register or contact us so that a member of our team can help you to verify whether your policy is eligible.
Your policy is 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 23 July 2014 - 15 February 2021, please register or contact us and we can confirm if your policy is eligible.

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

Sign up now

To register for the AMP Insurance Class Action on a no-cost, no-obligation basis, please click the 'Register Now' button below to fill out the registration form.

Register for the Class Action

The registration form will load in a new window and will take no more than 3 minutes. Please ensure pop-ups are not blocked.
If you have any questions or require any assistance in registering for the class action, please contact our AMP Insurance Class Action team on 1800 325 172.

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:

Common Questions

The legal fees are being paid by litigation funder Woodsford Litigation Funding Limited.

Group members will have no liability for legal costs if the class action is unsuccessful.

Woodsford Litigation Funding Limited has also agreed to meet any adverse costs order, in the event the proceedings are unsuccessful. In that case, neither the lead applicant nor any group members will have liability for costs.

It is usually the case in Australia that if a party is successful, part of the costs and disbursements will be paid to them by the unsuccessful party. If the class action is successful and a judgment of damages is awarded to the group members, the costs and fees paid by the funder in order to bring the proceedings to a successful outcome will be deducted from the amount of damages received from the defendants. The final legal costs will depend on the amount of work required to resolve the claim.

In return for funding the action, the litigation funder expects to receive a percentage of the total damages awarded. The funder’s fee varies depending upon the stage at which the proceeding resolves and the amount of their investment in running the action.

It is impossible at this stage to provide any specific figure that each group member can expect to receive. This is due to a variety of factors.

The amount each group member will receive will depend on the premiums they have paid for their insurance for the period they held that insurance.

Our legal team is confident that the case has strong merits. However, litigation is inherently risky and it is not possible to predict the outcome, or how long the case will take.

Due to the size of each individual claim, the costs of running this action as an individual would quickly exceed the potential damages recoverable.

As each class member’s claim involves many common questions of fact and law, running this action as a class reduces the average cost of litigation to a client by only addressing the common issues once at trial, instead of multiple times.

The Shine Lawyers Class Action team is led by the Head of Litigation and Loss Recovery Jan Saddler, a Solicitor with more than 30 years’ experience running large and complex legal disputes in Australia and England.

Jan has worked for one of the largest commercial law firms in Australia, where she was involved in a number of class actions and multi-party disputes. She has also worked at one of the largest global professional services firms, as an in-house lawyer running and managing disputes involving claims worth more than $250 million.

The AMP Insurance Class Action is led by Rebecca Jancauskas, Practice Leader with Shine Lawyers' Class Actions department. She has represented Australians who have suffered harm and loss as a result of defective products, environmental damage, financial mismanagement and human rights abuses and has secured settlements in a number of the high profile class actions she has run.

Click here for more information on Shine Lawyers' Class Action expertise.