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Four Corners: Money for Nothing – AMP held to account – July 2018


Four Corners looks at AMP and the testimony before the Commission of Inquiry into the Australian financial services industry. This calls into question as to whether similar offences occur in NZ.


Money for Nothing: How corporate greed and deception cost AMP its trusted place in Australian life “Working Australians have been hurt by what’s happened at AMP. People need to be held to account.” Investor AMP was once a trusted blue chip Australian company but its reputation is now in tatters following evidence before the Financial Services Royal Commission that it charged customers fees for no service and repeatedly lied about it to the corporate regulator. “Taking money for no service is essentially theft. It would be regarded as theft in any other walk of life.” Corporate Governance expert On Monday Four Corners investigates how AMP ripped off its customers and details the extraordinary measures it took to conceal its actions. “Did they really think they could do this legally and get away with it?” Corporate Governance expert In a revealing interview a former financial planner gives an insider’s account of the tactics used by AMP to cheat customers out of their own money. “The AMP clients were being charged every month automatically and not receiving a red razoo.” Former AMP financial planner The former planner also blows the whistle on the company practice of pressuring financial planners to sell in house AMP products even if it meant a client would be financially worse off. “Every time (a recommendation) came back, regardless of what I had put as an adviser, the product at the end of the advice or the structure was an AMP product.” Former AMP financial planner AMP began selling life insurance in 1849. Four Corners examines how an iconic company with a trusted place in Australian life could have such a spectacular fall from grace. “I would never have thought that any of that sort of thing would have been going on in such an institution that has been around for so many years and has been trusted by the shareholders and by the public at large.” AMP Shareholder

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