Australian wealth firm AMP hit with class action over insurance advice

The Federal Court has ordered AMP in February to pay for incorrect advice.

Australian wealth management firm AMP has been served with a class action lawsuit over advice given to several life and other insurance products, reports Reuters.

On 29 July, some financial advisers filed a suit against the firm related to changes in its ‘buyer of last resort’ policy.

Australia’s Federal Court in February ordered AMP to pay a $3.73m (A$5.2m) penalty for failing to prevent incorrect insurance advice by financial planners after the country’s corporate watchdog sued the firm in 2018.

AMP admitted to the case against it in May last year.

Here’s more from Reuters.