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2.financial advice, 2.Strategy

24 Apr 2018 (AFR) – AMP adviser’s clients lost a quarter of their super. They don’t know it yet

(24 April 2018, AFR, p6, by Joanna Mather)

‘A husband and wife who rolled their superannuation into an AMP-owned product on the basis of dodgy advice lost a quarter of their money in fees – only they don’t know it yet. AMP has yet to inform the mystery couple of their loss even though the financial services firm has known about it since March last year. Why? Because AMP’s remediation team is busy dealing with a backlog of reviews relating to advice given by other badly behaved planners. On Monday, the banking royal commission heard the couple was given advice in November 2016 by a man identified only as Mr E.’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

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