Risk Company Updates

AZ NGA acquires Matthews Steer firm

Matthews Steer Accountants and Advisors was acquired by AZ NGA. The new acquisition has six partners and 50 staff, based in Melbourne.

AMP deed of release may stop advisers joining class action

AMP is allegedly asking exiting financial advisers to sign a contract containing a clause that bars them from joining the active open class action. Advisers always sign a deed of release that involves a financial agreement, and an agreement indemnifying AMP against future actions, with this new clause an added extra relating to class actions.

The new clause is in effect since AMP Financial Planning advisers brought a class action lawsuit against AMP after changes were made to the Buyer of Last Resort (BOLR) agreement. AMP has a new agreement called the Buyback and Cooperation Agreement, which is more restrictive, with obligations for the adviser to abide. The BOLR class action is open, which means advisers must actively opt out, rather than in. This deed of release would effectively act as an opt-out once a settlement is reached.