AMP Commissions & Insurance Class Action

Settlement Update

Shine Lawyers and Piper Alderman, on behalf of group members, have reached an 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 Court will only approve the settlement if it determines that the settlement sum, including any proposed deductions for legal costs, are fair and reasonable and in the best interest of group members. On 22 April 2026, the parties attended a case management hearing in the Federal Court of Australia. The following orders were made by the Court on 15 May 2026. The Court approved the distribution and publication of notices to potential group members on the terms of the proposed settlement. The notices will be distributed by email (or ordinary prepaid post) and published on Shine Lawyers and Piper Alderman’s social media pages by 26 June 2026. The notices provide important information about the proposed settlement which may affect the legal rights of group members. The Court set a deadline of 4.00pm AEST on 10 August 2026, for persons who registered (or were deemed by the Federal Court to have registered) for the class action by 4 July 2025 to take steps to be considered for a payment under the proposed settlement. These steps are outlined in the notices. The Court fixed a deadline of 4.00pm AEST on 10 August 2026, for any group member who disagrees with any aspect of the proposed settlement to submit a Notice of Objection. This option is explained further in the notices. The Court set a timetable to hear the application seeking approval of the proposed settlement. The Court will hear the application seeking approval of the proposed settlement on 23 October 2026 in Melbourne. At the hearing, the Court will consider whether the proposed settlement, including any proposed deductions for legal fees, costs and expenses incurred by the Applicants in bringing the class action, are fair and reasonable and in the best interest of group members. The Court will also consider any Notices of Objection submitted by group members and may hear from those group members or their legal representatives. Group members will be sent an update following the hearing. Copies of the notices approved by the Court will be available in the “Case Documents” section and ampcommissionsclassaction.enterclaim.com by 26 June 2026. There are many potential group members. To help minimise costs, you are encouraged to carefully read the notice approved by the Court and access more information on this page and ampcommissionsclassaction.enterclaim.com . If you have an enquiry that is not answered in the notice or the Frequently Asked Questions, please contact the Commissions & Insurance Member Assistance Team on +61 3 9908 8905 or ampcommissionsclassaction@enterclaim.com . The notices approved by the Court will be sent by email or ordinary prepaid post. Group members should expect to receive a notice by email by 26 June 2026 or by post by 8 July 2026 . Group members should monitor their email accounts (including junk and spam folders) and check their postal mail before making an enquiry with the Commissions & Insurance Member Assistance Team. As there can be delays with ordinary pre-paid post (including to regional areas and areas affected by heavy rain, floods or tropical cyclones), if you have not received a notice, you are encouraged to wait until 10 July 2026 before making any enquiry.

Source: Shine Lawyers

About This Case

The AMP Commissions & Insurance Class Action was commenced in the Federal Court of Australia, Victoria District Registry ( Federal Court) on behalf of all “group members” against the Respondents, AMP Financial Planning Pty Limited ( AMPFP), Charter Financial Planning Limited ( Charter), Hillross Financial Services Limited ( Hillross), AMP Limited and Resolution Life Australasia Limited (formerly AMP Life Limited ( AMP Life)).

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

incentivised 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.

It is also alleged that authorised representatives charged Ongoing Service Fees ( OSF s) 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.

This class action seeks 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.

Source: Shine Lawyers

Who May Be Eligible

It is likely that you will be a group member in this class action if: you received personal advice from a financial adviser that was an authorised representative of: AMP Financial Planning Pty Limited; or Charter Financial Planning Limited; or Hillross Financial Services Limited, AND pursuant to that advice you acquired, renewed or continued to hold (either by yourself or through your superannuation fund as a member): an AMP Life Product that provided cover for one or more of the following: Death; Total and Permanent Disablement ( TPD ); Trauma; Loss of Income (or Temporary Salary Continuance ( TSC )); Business Overheads; other insurance; and/or other financial products, AND you held an insurance or financial product in respect of which commissions were paid (a Commissioned Product ) during the period 23 July 2014 to 15 February 2021. The AMP Life Products that provided such cover were Flexible Lifetime – Protection, Flexible Lifetime – Super, AMP Flexible Super – Flexible Protection, and AMP Flexible Super – Super Protection. Commissioned Products include the AMP Life Products and other insurance and financial products, such as PortfolioCare Pension Service, PortfolioCare Investment Service, Whole of Life Plan, Endowment Personal Super Plan, AMP Children's Endowment Insurance, AMP Elevate Income Insurance Plan, and AMP MyNorth

Source: Shine Lawyers

How to Register

The Court set a deadline of 4.00pm AEST on 10 August 2026, for persons who registered (or were deemed by the Federal Court to have registered) for the class action by 4 July 2025 to take steps to be considered for a payment under the proposed settlement. These steps are outlined in the notices.

Source: Shine Lawyers