The last couple of years has been a tumultuous period for the financial planning industry. We have seen the Hayne Royal Commission into Misconduct Superannuation and Financial Services industry and the handing downs of its findings. We have also seen AMP change the terms of its Buyer of Last Resort (BOLR) Policy and which has resulted in a class action being filed against AMP in the last month on behalf of AMP financial planners who have seen the value of their businesses affected as a result of changes to BOLR. Over the course of this year Pointon Partners has been advising a number of AMP financial planners in relation to their rights against AMP.

We have also seen a number of financial planning networks including AMP seek to consolidate their networks by serving notices of termination upon smaller planners bringing their authorised representative agreements to an end.

And all of this amongst the significant volatility on financial markets occasioned by the Covid-19 pandemic which has caused distress and concern amongst financial planners and their clients alike.

Pointon Partners has significant experience in acting for financial planning practices including:

  1. handling sale or purchase of financial planning business;
  2. acting for AMP Planners involved in BOLR transactions with AMP;
  3. preparing or advising on sale agreements relating to the sale of books of business from one financial planning practice to another;
  4. advising financial planning practices who have received notices of termination from their licensee;
  5. advising financial planners on restraint of trade issues and their rights to continue to work in the industry or deal with their former clients.

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