Money for Nothing - FOUR CORNERS 23/07/18
“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
Money for Nothing, reported by Sean Nicholls and presented by Sarah Ferguson, goes to air on Monday 23rd July at 8.30pm. It is replayed on Tuesday 24th July 2018 at 1.00pm and Wednesday 25th at 11.20pm. It can also be seen on ABC NEWS channel on Saturday at 8.10pm AEST, ABC iview and at abc.net.au/4corners