Highlights

  • AMP agrees to settle historical commissions and insurance advice class action for AUD 29 million.
  • The settlement covers activities from July 2014 to February 2021 and involves multiple subsidiaries.
  • Finalisation of the settlement is subject to deed execution and Federal Court approval.

AMP Limited (ASX:AMP) has reached an agreement in principle to settle the commissions for advice and insurance advice class action commenced in 2020. The action relates to historical activities, including commission payments made between July 2014 and February 2021.

The claims targeted AMP and its advice licensee subsidiaries that were previously part of the AMP advice network, including AMP Financial Planning, Charter Financial Planning, and Hillross Financial Services. Insurance provider Resolution Life Australasia, formerly AMP Life, was also named in the claims.

Settlement Terms
The total settlement amount is AUD 29 million. Completion of the settlement is contingent on the execution of a deed of settlement and approval by the Federal Court of Australia. AMP has clarified that the settlement does not constitute an admission of liability.

Next Steps
Once the deed of settlement is finalised and Federal Court approval is obtained, the settlement will formally resolve the class action. This step addresses historical legal claims related to commissions and insurance advice within AMP’s former advice network.

Share Price Snapshot
AMP was trading 1.527% higher at AUD 1.82 per share as of 11 December 2025.