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Brief: AMP faces further class action

Shine Lawyers, backed by Woodsford Litigation Funding, will file a class action against AMP Life Limited, AMP Financial Planning Pty Ltd and two of its financial planning subsidiaries Charter Financial Planning Pty Ltd and Hillross Financial Planning Pty Ltd. The law firm will allege the AMP businesses and advisers failed to act in the best interests of about 100,000 of their clients - for instance, by receiving commissions and other incentives for recommending over-priced insurance policies through AMP Life, despite knowing their clients could obtain equivalent or better policies with lower premiums through other insurers.

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