AMP settles commissions class action for $29 million
Key points
- AMP reaches agreement to settle commissions class action
- Settlement covers historical activity from July 2014 to February 2021
- Claims brought against AMP Limited and advice licensee subsidiaries
Full summary
AMP has announced an agreement in principle to settle a commissions class action for a total of $29 million. The class action relates to historical activity including the payment of commissions from July 2014 to February 2021. The claims were brought against AMP Limited and its advice licensee subsidiaries that were previously part of the AMP advice network, as well as insurance provider Resolution Life Australasia, which was formerly AMP Life. In reaching the settlement, AMP has made no admission of liability. AMP Chief Executive Alexis George stated that the company is pleased to have resolved another legacy legal matter as it focuses on the future and on delivering for its customers and members.
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