Sticking the boot into a fallen giant

18 October 2019

Outsider is an old rugby player so he knows there are rules about kicking a player on the ground, so notes that AMP was further kicked in the guts when it recently received a “Shonky Award” from consumer group, Choice.

Specifically, Choice awarded the “Shonky” to the ‘grossly underperforming superannuation division’ for charging customers substantial financial advice fee while delivering nothing in return.

As anyone watching the current Rugby World Cup would know, past performance is no guide to future performance and notes Choice’s analysis that AMP had been recognised for, among other things, discouraging people from rolling their super funds into a new super fund, once they realised they were being overcharged by offering them the high exit fees.

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Outsider has been closely watching AMP over the past few years and is worried that, unlike the Wallabies, the company may be undergoing more than just a form slump, notwithstanding a change to the captaincy and the coaching staff.

What Outsider does know is that with a buyer of last resort (BOLR) class action in the offing as well as some serious challenges in retaining corporate superannuation mandates, the Wallabies look like a better bet for a return to form and public admiration than AMP.

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