AMP Financial Planning was critically concerned about a possible ‘BOLR run’ of more than 700 practices seeking to exit after the Hayne royal commission, according to Federal Court documents.
A failure to provide a valid ‘legislation, economic, or products’ reason to make disproportionate changes to the BOLR policy forms the crux of AMP Financial Planning’s defeat in Federal Court yesterday.
The changes brought in to adjust the BOLR policy were ‘simple’ and did not require extended consultation beyond a few days, according to a senior AMPFP executive.
