AMP has an in-principle agreement to settle an insurance commissions class action for $29 million, following proceedings launched in 2020 by Shine Lawyers and Piper Alderman. 

“In reaching a settlement, AMP makes no admission of liability,” the listed wealth manager said.

It says the class action relates to historical activity including payment of commissions from July 2014 to February 2021.

“The claims were brought against AMP Limited and advice licensee subsidiaries that were previously part of the AMP advice network.

“Claims were also made against insurance provider Resolution Life Australasia, which was formerly AMP Life.”

The settlement is subject to finalisation of a deed of settlement and Federal Court approval.