The Commonwealth Bank, Westpac and AMP face looming potential class actions from law firm Piper Alderman, which is claiming the companies did not meet obligations to financial planning customers when receiving commissions.
Piper Alderman is the latest law firm to plan more class actions against major financial institutions.The FoFA laws, introduced by the Gillard government, banned various types of commissions from the financial planning sector. However, the laws also included exemptions for some of these payments and the management of the new rules attracted significant scrutiny during the Hayne royal commission.
The partners said the claims could recover "significant sums of money," and that more than one million clients may have been affected.Westpac said: "Westpac has not been served with any statement of claim by Piper Alderman and is therefore unable to comment at this stage."The federal government has taken aim at class actions in recent months,for the members of claims because of the cut that goes to lawyers and litigation funders.
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