Banking Royal Commission I Have Always Hated AMP It's Personal

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AMP

• 

  bobbified on 24/04/2018 - 20:18

  +3

  Before 1 July 2013, there was the Member Protection rule where funds weren't allowed to deduct fees more than the total investment earnings from accounts with a balance of $1,000 or less. In years where the earnings were negative, no fees were allowed. Therefore, some companies made very little or no money from the administration of those accounts.

  As part of the Stronger Super changes, the government removed this rule and the low balance accounts were no longer "protected". Fees were able to be deducted. Also add whatever insurance premiums you had to those fees.

  And this is why your account is now -$1.50.

  • 

    thetrain on 24/04/2018 - 22:34

    +3

    It's not just AMP. The whole system is a rort.

    I've just made a submission to the Royal Commission about my previous super provider (UniSuper). We have no option other than to use this provider but the fees were above the annual returns (small super balance).

    The Royal Commission is exposing the sheer scale of this deceit.

• 

  paloverde88 on 24/04/2018 - 20:20

  It does not sound right. Commonsense should have prevailed. Was that the Labor or Coalition government that did the removal.

• 

  paloverde88 on 24/04/2018 - 20:22

  'some companies made very little or no money from the administration of those accounts.'
  really? ironically they make it back through charging for no service or charging the dead.
  Then lie to the Government.

  • 

    bobbified on 24/04/2018 - 20:29

    +1

    Let me rephrase that - the company still makes money by charging the other members (with balances over $1000) relatively more. The government decided it wasn't fair that the other members with higher balances were indirectly paying/subsidising the fees for members with low balances. Hence the rule was removed.

    I remembered the balance was approximately $1300 maybe 25 years back.

    You didn't keep track of your account for 25 years? Was your tax file number on record?

    For future reference, check your Super in your MyGov account - the super funds report to the government based on TFN - you can consolidate all your accounts from there.

• 

  paloverde88 on 24/04/2018 - 20:33

  well the odds are stacked against the young casual workers. That is tragic too

• 

  [Deactivated] on 24/04/2018 - 20:49

  -4

  ohh thanks for your input

• 

  kahn on 24/04/2018 - 21:39

  +1

  The big question is: do you still have total dismemberment insurance? If not, be careful around helicopters.

  • 

    paloverde88 on 24/04/2018 - 23:17

    I heard a true story years ago that a model on a Christmas helicopter ride actually walked out of the helicopter right into its spinning blade.

    These days they also have decapitation insurance due to the heightened terrorism related crimes.

  • 

    whooah1979 on 25/04/2018 - 08:58

    dismemberment insurance

    chop, chop. lol.

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  Wystri Warrick on 24/04/2018 - 22:05

  Shit that's bad OP, if I was you I'd use my leisure time to get the money back, also if I understand super correctly you should also have interest from the $1300 that rightfully belongs to you.

  When I was going to go for my driver's licence I opened a NAB bank account, I needed it to get the 100 points ID check.
  I never deposited a single cent, I was just a kid and I didn't have a job, a few months later I received a letter that I had been approved for a credit card with a limit of $10k the interest was about 18%pa.

• 

  altomic on 24/04/2018 - 22:19

  +1

  Centrelink punish people for not updating contact details by cutting payments

  no, it's not punishment. it's part of the "contract" clients have with Centrelink (for getting free money) that they maintain their contact details.

  • 

    paloverde88 on 24/04/2018 - 23:14

    not to be taken literally, in the context of my story, it was about how AMP appeared to have punished me because they cannot locate me as I have moved so the way to do this according to proper governance is to just help yourselves to the account until it goes negative.

• 

  paloverde88 on 24/04/2018 - 23:12

  It gets worse, today we hear forged signatures condoned by banks, done by its staff, financial planners ( award winning one) have one of his staff impersonating other people to obtain information and conduct transactions.

  These are things that you and I can go to jail for.

  but because it is a bank, or a financial institution, that's it. nothing.

  rather tragic isn't it?

• 

  [Deactivated] on 25/04/2018 - 00:01

  I have AMP to thank for charging such silly fees that I got off my lazy backside and rolled over and out of them. I wouldn't have bothered consolidating elsewhere if they weren't so awful.

• 

  paloverde88 on 25/04/2018 - 04:14

  To now see them sweating and share prices fallen over half of what it was with even more to fall and huge liability just puts a huge smile on my face just thinking about it.

  They were so arrogant so rude at the time I spoke to them about how my super account could have fallen to negative without any spending.

  Essentially they had first dips in my money as I await till I am 65 as if the government really thought all your money will still be the there with these rogue operators.

  Wonder who will shed a tear for them while the government still want to give them tax breaks.

  All the liabilities they will incur as a result of these dishonest behavior are indeed tax deductible expenses as costs of doing business and plus the huge tax breaks government is proposing. let's just say this will be another phoenix business as they arise back from the dead like jesus of nazareth.

  • 

    whooah1979 on 25/04/2018 - 09:10

    Wonder who will shed a tear for them

    anyone that has money in super. the brc is realistically hurting the investment returns of >14.8m australians one way or another.
    http://www.4-traders.com/AMP-LIMITED-6491362/company/
    https://www.ato.gov.au/about-ato/research-and-statistics/in-…

  • 

    StonedWizard on 25/04/2018 - 09:59

    @paloverde88 my work see's me having to deal with advisers across Australia and it's amazing how much a large portion of them are exactly as you describe. Yes there are many who want to make a difference to their clients lives, but like any profession driven by commission. A lot see their clients as cash cows and manipulate them for their own greed.

    It's time the government cracks down on this unethical behaviour and actually put penalties in place. But seeing as how weak both our governments are, this will eventually die down and people will forget about it.

• 

  paloverde88 on 25/04/2018 - 09:53

  It was a choice that investors put their money in AMP they could have put it in Qantas or others like Alessia investments in shares never came with any guarantees. Much less shares with dishonest entities.

  Looks like we are going back to 'too large to fail so let's all let them commit fraud' is that the kind of system you want?
  This is not some 3rd world country, we have laws that cannot be broken regardless of who you are AMP included.

  • 

    whooah1979 on 25/04/2018 - 11:07

    Super members have little or no choice to which funds or investments the fund managers chooses to invest in. Most of them care very much that their retirement/life savings is getting hit big time with the brc.

    Many super funds are diversified to the point that one can’t find one that isn’t invested in a financial institution.

    Ordinary Australians will be the losers in this no matter the outcome of the brc.

    • 

      paloverde88 on 25/04/2018 - 13:54

      which is why storing super funds under a mattress or in a pillow makes more sense.

• 

  paloverde88 on 25/04/2018 - 13:42

  Despite ordinary Australians being the loser in not making any profit from their investments, you do the crime, you do the time and you must pay there are no exceptions to that.

• 

  paloverde88 on 25/04/2018 - 13:49

  KPIs ( Key Performance Indicators ) the ambiguous abstract information businesses based their performance on. That is now seen as unreliable and makes unfounded information. KPI does not tell the whole story.
  It does not measure quality, honesty, proper governance and satisfaction. It merely tells an organisation how much, in numerical terms was churned and processed by the 'factory'

  This reliance on KPI have come to this, it measures how much sales was made, how far or close to the target is, it measures whether someone is taking too many breaks or has weak bladder but it sadly cannot tell if executives are engaged in criminal activities.

• 

  paloverde88 on 25/04/2018 - 13:55

  +1

  If this is the demise of AMP, I can only say, "You brought it upon yourselves." and yes you are a criminal still.

  When you are dealing with people's money, it goes without saying honesty, integrity and truthfulness is inherent. If one cannot even expect to have these virtues as inherent in the handling of people'e money then what difference does it makes in letting our money handled by say drug dealers?

  slap on the wrist, "For the wrongdoers, NAB docked 25 per cent off their bonuses, while the executives in the division lost 10 per cent of their bonus and Andrew Hagger chief customer officer had $60,000 shaved from his bonus leaving him with a $960,000 bonus last year"

  Does that puts a smile on anyone's faces?

  Tony Abbott has a point,

  The former prime minister Tony Abbott has found a new point of difference in the bank royal commission fallout, with a fiery call to sack all existing regulators this morning.

  Abbott told 2GB Radio:

  “The thing that worries me, Ray, is what were the regulators doing? I mean we all know there are greedy people everywhere, including in banks … but banking is probably the most regulated sector of our economy - what were the regulators doing to allow all of this to be happening? …

  “My fear is that at the end of this royal commission we will have yet another level of regulation imposed on the banks when, frankly, what should happen is, I suspect, all the existing regulators should be sacked and people who are much more vigilant and much less complacent [should] go in their place.

  “The analogy is – yes punish the criminals but if the police are turning a blind eye to the criminals, well, you’ve got to get rid of the police and get decent people in there.”

• 

  paloverde88 on 25/04/2018 - 14:40

  +2

  According to ABC,

  'It's now clear why the finance sector fought so hard against a banking royal commission.

  Evidence of lies, deceit and fraud just keep on coming at the commission, much of it has occurred under the noses of directors holding some of the country's most prestigious positions.

  The banks' campaign against a royal commission included the predictable threat that customers would eventually foot the bill.

  But what is the cost of a financial sector that has often defrauded its customers and overpaid its executives regardless of the methods used to generate profits?'

  Australian Shareholders Association CEO Judith Fox admits that is a problem here.

  "We just don't see people going to jail," she said.

• 

  niknah on 26/04/2018 - 09:21

  In a previous job, I had super with AMP. But they had spelt my name wrong. I never found out that I had it until 20 years later. It had earned $0 during that time.

  However, other financial service type things that I have invested in have been as bad or worse. The whole industry is not good, not just banks.

  But AMP have good vibes amongst older folks because they used to be a non-profit.

  • 

    paloverde88 on 26/04/2018 - 20:16

    The government should allow the keeping of money in the safest place: in our pillows and mattresses and or ceramic toilet bowls and tupper ware are good too.

• 

  paloverde88 on 26/04/2018 - 20:21

  I don't think anyone wants to hear or see another ad from any financial, super or insurance company that has the following words: borrow, credit, value, savings, interest, investments, simple, wow, easy, deals

• 

  Baysew on 27/04/2018 - 17:05

  +1

  Never let it be said that posting on OzBargain doesn't get results.

  AMP could face criminal charges

• 

  paloverde88 on 27/04/2018 - 21:59

  +1

  I cannot see how any company who have been labelled 'criminal' by Royal Commission can ever make money again.
  These are now material fact and must be included in all their ads, brochures pamphlets etc. as part of truthful disclosure under the law so people can make an informed decision.

  Disclosure statements which is required by law will read something like this "In April 2018, the Royal Commission into the misconduct of banking, financial and Industry superannuation funds have found that AMP misled the Corporate regulators in making false and misleading statements and criminal charges were recommended under section 1308 of the Corporations Act"

  Now would you like to invest here?

  Thanks, AMP, for taking every single dollar and cents from my just $1300 balance super account and then hang up on me when I ask to explain. In retrospect, why even bother, cannot talk sense to criminals

• 

  paloverde88 on 28/04/2018 - 17:05

  According to the Guardian, 'As the Hayne commission was told on Friday that AMP could face criminal charges for lying to the corporate regulator, Turnbull said his government would make sure those responsible were brought to account.'

• 

  Wystri Warrick on 30/04/2018 - 17:11

  Their behaviour is shocking, but I'm not surprised.
  The liberals blocking a royal commission into the banking sector for 2 years has certainly done them a lot of damage, and will most likely cost them the next election.

  I'm closing down my ANZ and NAB accounts, and I'll be encouraging friends and family to switch banks too.

  • 

    paloverde88 on 30/04/2018 - 17:29

    +1

    At least we know who to send to the opposition next.

    Many must go to jail. To see these people not getting any criminal record is mocking the law.

    • 

      Wystri Warrick on 30/04/2018 - 18:42

      I agree, there should definitely be jail time.

• 

  paloverde88 on 13/08/2018 - 21:10

  Well, what did I said?

  When Kim Garbutt's estranged husband, Craig, died in 2008, his family expected to receive more than $208,000 in death benefits associated with his superannuation fund.

  Thirteen days later, Ms Garbutt received a cheque from AMP for $25.09.

  Full story:

  http://www.abc.net.au/news/2018-08-13/widower-expected-$200,000-super-death-benefit-amp-paid-her-$25/10114662

• 

  mychips on 04/02/2019 - 09:51

  Winter has come, it's being released today.

• 

  [Deactivated] on 04/02/2019 - 13:10

  The reason I was put off AMP over the years, is because they seem to think of their potential customers are nine year olds who know absolutely nothing about finance. They always seemed like that, unlike most other financial institutions who tend to treat you as adult customers.
  This has put me off them for twenty years. Just thought I'd share.