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Misleading and deceptive representations in relation to the marketing of ‘80/20’ investment policies.
Undertakings given included:
that AMP would institute a second method of valuing the policy while maintaining the old ‘adjustment’ method of valuation;
that AMP would negotiate a settlement with policy owners who claimed they were unaware of the adjustment process when they bought the policy; and
other provisions including:
better statement disclosure;
better market testing of products;
an ongoing audit program, provision of $100 000 for a community education television program; and
a $70 000 contribution to the Commission for assessing AMP’s settlement offer
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