AMP

The AMP Commissions & Insurance Class Action

The AMP Commissions & Insurance Class Action was commenced in the Federal Court of Australia, Victoria District Registry (Federal Court) on behalf of all individual (“group members”) against three AMP Limited financial advice licensees: AMP Financial Planning Pty Limited (AMPFP), Charter Financial Planning Limited (Charter), Hillross Financial Services Limited (Hillross), as well as AMP Limited and Resolution Life Australasia Limited (formerly AMP Life Limited (AMP Life)). Together, they are the Respondents in this class action.

The class action is being run jointly by Shine Lawyers and Piper Alderman.

Update: The parties reached an in-principle settlement

Piper Alderman and Shine Lawyers, on behalf of group members, have reached an in-principle agreement to settle the AMP Commissions & Insurance Class Action for a total sum of $29,000,000 inclusive of costs, expenses, and any applicable taxes. The settlement is without admission of liability and is subject to the approval of the Federal Court of Australia.

The proceeding is next listed for a case management hearing on 22 April 2026. On that occasion, the parties will be seeking orders approving the distribution of a notice informing group members of the terms of the proposed settlement and setting a timetable to hear the application seeking approval of the settlement.

Group members will be given an opportunity to object to the settlement before the final hearing for the approval of the settlement is listed.

Opt out and registration

The Court-ordered deadline for group members to opt out or register for the class action was 4.00pm (AEST) on 4 July 2025. If you missed the deadline but wish to participate, you should visit https://ampcommissionsclassaction.enterclaim.com/ and complete a registration form.

All late registrations will be brought to the attention of the Court however at this stage we are unable to confirm whether or not your late registration will be accepted by the Court.

The claim

The applicants alleged that financial advisers appointed as authorised representatives of AMPFP, Charter and Hillross (who may have operated under other business names) breached their obligations to group members by failing to give priority to their clients’ interests or act in their clients’ best interests. This is because the respondents allegedly:

• incentivised those authorised representatives through commissions and other benefits to recommend financial and insurance products, including AMP Life Products (Commissioned Products) to their clients;
• failed to inform their clients that they could obtain substantially equivalent or better insurance policies than the AMP Life Products from alternative insurers for lower premiums;
• by their conduct, likely caused their clients to pay higher insurance premiums; and
• failed to implement systems and processes to ensure that their authorised representatives complied with their duties to their clients.

The applicants also alleged that authorised representatives charged Ongoing Service Fees (OSFs) to clients for contractual services under an AMP Ongoing Service Package on or after 23 July 2014, but some group members did not receive those contractual services

Damages sought

This class action sought compensation for the:

• commissions paid on Commissioned Products;
• excess premiums paid by some group members on AMP Life Products (Excess Premiums); and/or
• OSFs charged to some group members for services they did not receive,

during the period of 23 July 2014 to 15 February 2021, as a result of the financial advice given to group members by authorised representatives, and the conduct of the Respondents.

Important Information

Participating in the claim will cost you nothing. The claim is being funded by international litigation funder, Woodsford Litigation Funding, on a no-win-no-fee basis, meaning you will not be required to pay any money to be part of the claim or to receive compensation.