AMP

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After having income protection for my occupation for 20 years and paying approximately $100k in premiums, I have been knocked back on my claim on the grounds that my hobby is a registered business, even though it has never made a profit (and it has nothing to so with my occupation).
It has been over 12 months since I've made my claim and had no income. I've had to sell my house and buy a smaller dwelling just to get by. Originally AMP said they would pay but it would take time and they were just working out how much,but then a year later they said they had decided not to pay and that I am not able to claim if I am "able to work whether paid or unpaid" occupation (even if it has nothing to do with the occupation I got the cover for). The definition of an occupation is something you get paid for but AMP claim if you even do unpaid "work" (have a small hobby or volunteer) they will not pay. The entire time I have been waiting for a reply I am being forced to pay the $900 per month premium or they will cancel the policy (which I am paying with my savings). This is where I am at currently and am I writing in the desperate hope that no other Australians are fooled into taking out a policy or having anything to to with AMP.

My partner had his superannuation with AMP, and when died on 28 October 2015 he left it in his will that I was to be his beneficiary, but to this day, they are still stuffing around and have not released one cent of his death benefit. It takes weeks for them to return each email and there is nobody you can talk to who will help. This is a sickening way to deal with heart-broken loved ones.

Around twenty years ago I took out income protection, trauma, and life insurance that after a variety of corporate mergers and take overs rested with AMP. Following an unexpected event that I never contemplated at the time of taking out the insurances it was suggested I ask my insurance broker whether the income protection policy had been triggered. Whilst the paper work required a lot of detail and one more thing I did not need to weigh on my mind at the time, I appreciated the fact that I needed to validate the issues with my health as I was putting my hand out to receive an income stream. Because this was some time after I was injured and had everything I needed to submit with the application AMP were able to quickly decide on the claim and much to my surprise backdate the payments as well. My broker at Two Mile Bay PL who had seen similar cases was also very supportive through the process and since. Paying the hefty monthly premiums year on year was difficult in itself and for a large part meant the family could never take a fancy holiday every few years like our friends, or reduce the credit card bill etc. Like most of us paying any insurance premiums I thought this personal insurance would never be called on, I still wish this was the case. However like the rare chance of winning Tattslotto there are those amongst us who will randomly draw the short straw and will encounter an adverse event. Without AMP Income Protection I would not have had the recovery period I needed and financially we would be in a very poor position that would have taken a decade or more to recover from. In my 50's this would not have been a pleasant prospect to face into. The income protection has allowed the home loan payments, school fees, house insurances and more to all continue unchanged while my partner works to pay the other of life's necessities like food on the table and many other bills. Financially life continues almost as before (i.e. no superannuation contributions) which has been a great relief allowing me to recover and family life to continue without worry. Despite the sacrifices in years gone by to pay the premiums, I would recommend to anyone to take out some level of income protection where you are low on savings and or have debt and or have a family to care for, because any amount of assistance goes a long way in difficult times. And like the extremely rare event of your house burning down, you just do not know how your health will stand up over your income producing years and whether it will be you who will draw the short straw of misfortune. Thank you to the people who are AMP and to my broker for the support I have received.

Tried ringing consultant to get advice on super sacrifice wrong number on account ring general number get passed to 2 different people to be told account supervisor hung up could I ring back.

Why even bother being with such a poor financial service.

I will be transferring my account.

I have been an AMP 'orphan' as my advisor left and noone replaced him. This has left me not knowing what to do as a new advisor wants a huge fee (that I already paid to the first one). Not being very savvy with any of this I have lost a lot of my money.

i am on the phone now have been waiting 1hr already no customer service got through to someone how asked if i was in the financial business (this is an excuse for making me wait )i have other business to attend to without wasting my time .finally got through to someone who has also put me on hold been waiting 90 minutes now finished my call and hope that they respond to what they say i wish i didnt have to give this any stars

In the space of 1 week I have been advised 4 different things in my attempt to do a simple transfer of funds. I'm so relieved I'm getting my money well away from AMP. Customer service is rude and the information given is very incorrect. Shame on you AMP, nice way of withholding peoples well earned money and making them jump through as many hoops as possible!

I have been with AMP signature super for years and have founs that their investment strategies are far from ideal, in fact I've gone backwards in this current quarter. Something doesn't add up when looking at my super, adding contributions yet it's still going backwards with the only explanation I've ever gotten was "its because of the market" which is a bit of a joke really considering at the time of writing this my last contribution was 3 days ago and nothing has moved upward. In my opinion i wouldn't recommend having that signature super account with amp as it's really poor performing and customer service isnt exactly the best by any means. Currently searching for a better fund that will actually grow my retirement rather than take away from it.

I was with AMP for 20 years in good faith. Discovered I could get Death, TPD and Income protection for half of what they were charging me (Yes, literally half) and with double the cover (Yes, literally double). I wanted to stay with them (Because who can be bothered changing), so i called them to see if they could do anything. Answer was straight up no.
I have rolled my super over to Australian Ethical Super ( On average returns are as good as AMP) and the fees are much less.
And I have taken out Insurance with MLC (which is paid from my Aus Ethical Super fund). Too easy!! Saving heaps of money.
I really hope people get wise to AMP. No wonder their brand is averywhere, they are rolling in peoples money.

I have been with AMP for 5 years and have never had a problem with them until this year. I can clearly see my super is not invested where it should be. I have noticed account keeping fees are exorbitant and I had made several requests to stop income protection which have gone unanswered. I now need to change my name and the stupid “automated” response from their email department keeps repeating the same thing over and over and not answering my questions. I was just told my marriage certificate needs to be a certified original and that they “don’t check with the registrar” on the original. Then I was told “we have someone that checks the certified copy with the original” that doesn’t even make sense if they don’t have the original. So, I can’t scan the original. What a joke!!! Maybe AMP should use some of that money that they have stolen from their customers and put it into a decent online service! Absolutely unacceptable!!! Will be moving somewhere else

Tried calling up the amp customer service hotline last week to ask whether my account would be affected by the new laws being implemented on July 1. Was put on hold, but I ended the call after 30 mins of waiting. Decided to email them instead of wasting my time waiting on the phone. It’s been a week since I emailed them and still no reply. Called them up again. Was put on hold for 41 mins so I decided to drop the call. Horrible, horrible, horrible customer service.

I have been dealing with AMP for over 45 years and they were a great company back in the early days. I have lost badly with my superannuation and allocated pension fund so I got out several months ago due to the fees being charged and moved elsewhere, what a disgrace this company has become. Have shares as well and they are not looking good. I think they are just moving deckchairs on the Titanic, GET OUT WHILE YOU CAN.

I’ve had a life-long association with AMP that began when I was just 2 days old with an endowment policy my parents purchased and then gifted to me on my 21st Birthday. Soon after, I invested in another AMP product and cashed in the policy my parents gave me and used the payout for the deposit on a loan; making AMP instrumental to the realisation of a dream - owning my own home.

From this experience and its reputation, I came to respect, admire and trust AMP. So, despite the cost, when my Financial Adviser recommended AMP Income Protection Insurance; I agreed without hesitation. Now, AMP income protection insurance doesn’t come cheap but if you believe what’s appears on their website and the video staring a pencil drawn Alastair, it’s a financial lifeline you cannot afford to be without if the unexpected should happen.

I held the policy for 12 years and had paid AMP approx. $90,000 in premiums when the unexpected did happen and I became the victim of a brutal crime. As a result, I suffered from clinically diagnosed acute PTSD (Post Traumatic Stress Disorder) and was declared medically unfit and unable to work. But, instead of a financial lifeline, AMP did everything possible to minimise their exposure and find a reason to reject my claim. Through their actions, AMP worsened my condition, undermined my recovery and plunged me into a financial crisis from which I may never fully recover.

Struggling to make it through each day, the policy never entered my consciousness. It’s therefore hardly surprising I didn’t think to tell AMP about the incident. But, I did think to call my Financial Adviser – he was an Agent of AMP and the person who sold me the policy for which he was paid a yearly commission.

We met at a café near my home where I explained in detail what had happened and the events that followed. Despite hearing all this, learning that I was receiving weekly therapy by 2 clinical psychologists and witnessing the onset of a panic attack, he did nothing. He made no attempt to determine how I was coping and made no mention of AMP or the policy. Instead, he simply wished me well with my recovery. There was no follow up from our meeting, not even a call to check on my condition and progress.

To make matters worse, he neglected to explain the policy or provided any information on its terms or conditions. This amounted to a serious breach of his duties and responsibilities as an Agent of AMP and meant I was totally ignorant of the policy detail. Deeply traumatised, unable to work and without a source of income, left no option but to draw on my savings to survive. It was not until 6 months later that I learnt a claim should have been raised with AMP immediately after the incident. Despite knowing of the urgency and that I was losing more than $650 a day, my Financial Adviser (an Agent of AMP) took another 4 weeks to raise the claim and by the time it was acknowledged I had lost more than $120,000 of income.

Although the initial response by AMP to my claim appeared to be empathetic and reassuring, the Company’s behaviour beggars’ belief.

After acknowledging my claim, two weeks passed without a word. So, I called only to discover that AMP had sold 60% of my policy to a 3rd party insurer who they now blamed for the delay. Then after a further 2 weeks of silence the assessor telephoned both my Financial Adviser and I to tell us AMP had approved my claim and monthly payment of benefits would commence immediately as a goodwill gesture in absence of the 3rd party’s approval. I was then asked to present my case for benefits to be paid in relation to the initial 6 months after the incident.

After saying the claim was approved and that no further documentation was required, AMP then demanded access to my entire medical history (all consultation notes, details of every test and their results along with a record every script). This was not only demanded for the 12 years I held the policy, but for the 15 years that proceeding it. I was later falsely accused of refusing this request and this was used as justification to terminated payments without notice.

With the ongoing delays, my financial position deteriorated, forcing me to file a complaint against AMP with FOS (Financial Ombudsman Service). I then learnt that FOS is not a real Ombudsman but an industry funded service that doesn’t advocate for consumers, has limited authority and has no real power. Meanwhile, AMP went on trawling through my medical history in a desperate effort to find a reason to reject my claim.

On the advice of FOS, I engaged a lawyer and the battle with AMP went on for another 10 months without progress. During this time, deadlines set for AMP came and went while they continued to make false accusations without proof or evidence and then terminate payments without notice. AMP withheld funds for up to 12 weeks with full knowledge this would cause me to default on loans. It was a strategy employed to force me into signing an agreement that limit their exposure. It was only with the help of family and friends that I could survive without capitulating.

Then came news that AMP had rejected my claim for payment of benefits relating to the first 6 months, asserting that I failed to meet all policy conditions.
• AMP refused to acknowledge this was due to the failure of their Agent (my Financial Adviser).
• Despite my stay in hospital and 37 appointments with Doctors and Clinical Psychologists, AMP asserted that I was not under proper medical care.

Instead of the support promised and expected, AMP displayed total disregard for my wellbeing, deliberately added to my suffering and took decision with full knowledge their actions would cause financial hardship and threaten my recovery.

More recently, changes at the top of AMP have facilitated nothing short of a revolution in the culture and conduct of its employees. However, it still takes 8 to 12 weeks for AMP to process the required documentation for a claim and for payment to be received. In addition, I continue to suffer financial stress because of AMP’s refusal to pay any benefits relating to the first 6 months after the incident and the effect this has had on my savings.

I had my various super plans with AMP for 30 years. The last one was Flexible Lifetime Super, but the life insurance premium got ridiculously higher and higher in recent years. I noticed a few years ago on my annual statement that AMP did not know about my non-smoker status, hence I had been charged higher premiums for so long until I declared as non-smoker. That was actually the same case reported in the Royal Commission in Sept 2018 that a man was charged $76,000 more although he was a non-smoker. He escalated the case to The Superannuation Complaints Tribunal and got a refund.
I complained and demanded a refund to AMP for the same reason, however their argument was that the welcome letter explained it, whilst my argument was that the annual statement did not mention anything about my smoker status until recent years and AMP defaulted me as "hybrid" status. I also declared as non-smoker when I first took out the life insurance with AMP in 1999, so I assumed it was on record without doubt.
In any case I had enough of AMP and got really sick of them so I rolled over to Australian Super. My life insurance premium got down to half, plus it includes income protection also. AMP's statement has always been hard to understand with a lot of fees and charges everywhere, and there are no one to ask questions. The same applies their Web portfolio. I never understood what they are presenting about my hard earned precious money.
I think Australian Super is much more simple, straight forward and transparent not to mention the lower fees.
I would definitely join the class action against AMP super which seems to be coming up on the horizon soon.

I have been with AMp since 2000!
I have had the GFC record Dow and revived ASX I have been taking less from my super to try and make it last while it goes backwards every year due to fees and I have been told mismanagement ! Frankly I could and would have done better with listed stocks and paying tax ! I have closed my super with AMP I rate AMP a triple PPP
*iss Poor performance !
MOVE EVERYONE FAST and save what you have!

I was conned by a Amp sales rep in the late 1980’s when I was 19. I stopped paying after 1year and lost the entire lot. After investigating what happened to it in the early 2000’s. They said it was an old account number and they had no record of the account in their computer. I lost around $1500 in 1 year in 1990 due to ongoing fees I was not told about when I started the policy.

I first came across AMP in 2003 - a representative came to our company to try to convince us to take up their pension fund. I was so unimpressed by the sales pitch that day that I have had a bad feeling about them ever since and feel sorry for anyone who invests with them. I asked the guy selling their services a question: out of the ten different investment options you have which do you recommend? Answer was that it was my responsibility to educate myself about it and take that risk. Basically the impression was that if I gave them my money and they lost it all - that would be my fault and they take no responsibility. This company employs scammers and the only wealth being generated is by them. Avoid. Avoid. Have never given them a cent and don't intend to.

Not the super fund, but the Savings account advertised at 3% was changed without notice to 2.75%. Not only that, if I want to remove my money now, I am told I can't have the interest unless I leave it until their next payment day because I put the money in half way through the month. Can this be legal? As they only pay the interest on the end of the calendar month I'm keeping it there unless I want to forfeit the interest due it seems.

For the last 6 months I have been attempting to transfer my super out of AMP to Hostplus. Every request I make to transfer is followed up by a text (not even a phone call or email) "Unable to process your request, please contact Hostplus". I've spoken to Hostplus and everything is ok their end. I'm frustrated about being treated this way by AMP. It's my money not theirs! Oh and for 6 years they charged my financial advice fees and not once during that time did I have face to face or even phone contact with anyone. When I finally did they tried to "sell" me a managed portfolio that when I looked at all the investments they recommended, none showed growth and all were rated very poorly. I second the comment that they are only interested in commissions, and have no compunction about giving morally corrupt advice.