AMP Ltd <AMP.AX> said on Wednesday some financial advisers have filed a class action against the Australian wealth manager related to changes in its 'buyer of last resort' policy.
Last August, AMP said it was looking to re-negotiate arrangements with its financial planners to lower the amount it would pay them for their business when they retire.
The decision to alter the policy follows a revamp by the Sydney-based company's Chief Executive Officer Francesco De Ferrari after revelations of widespread misconduct plagued the wealth manager in an inquiry into the financial sector.
"AMPFP is confident in the actions it took in 2019 and will defend the proceeding accordingly," the company said.
(Reporting by Nikhil Kurian Nainan in Bengaluru, Editing by Sherry Jacob-Phillips)
