AMP customers wait to wait for 17 years to pay taxes back, live headers' guitars | Australian News

We will move grandfatherSouth Westerly

"Grandfather" refers to her & # 39; used to send something, such as commissions, from new law or regulation.

AMP wanted commissioning payments to financial advisers to be protected from FOFA legislation.

He said that the route to the FOFA legislation assault was very certainty and he was convinced whether FOFA legislation had passed away and that it was a law, the minister did not ; issuing commitments to councilors that commissions would have been raised

AMP has queried Hayne's query in the interim report that it was a grandfather's arrangements in temporary and special measures.

AMP has said that a final grandfather was very tough and difficult to make legislation, and that his grandfather could have a direct impact on how some financial practices would be.

He has also claimed that constitutional matters may be related to the prevention of large commissions.

In a short time, it has been there – indeed – putting it back against attempts to get rid of large commissions.

However, Wilkins says AMP has now changed his port.

You need to be aware of the moral flexibility needed to prove to you, although you are now a financial adviser rather than distributing financial material, you have been doing it Hard to change your mind – so not your offense; There you pay taxes for services that you do not; given.

Hodge said: "It is the mental shift that many financial advisers seem to have difficulties having to understand that they were no longer a distribution network for producers; they were now professionals Providing advice and practice for the best of users?

Wilkins said: "That was definitely a huge change to many people in the council web, especially when the FOFA reforms were introduced.

Hodge: "Well, there should be an AMP pre-FOFA change, because AMP had transferred taxes for service back in 2010?

Wilkins: "Yes."

Hodge: "What do you think about the cultural rules of financial advisers that appear to be not only the norm, but to a lesser extent? not done?

Wilkins: "I think a financial advice business is improving. I think it was an interactive type arrangement; when commissions, including access commissions, followed, and, in the context of that environment, it was unlikely that services would be delivered for these route commissionsSouth Westerly

Hodge said: "If we could be cut to the heart, until the change to service fees, financial advisers, effectively, a distribution or channel network for wealth and insurance products ? "

Wilkins: "Yes."

Hodge: "And were paid to commissioners with wealth products or insurance materials to distribute the materials to our customers?"

Wilkins: "Yes."

Hodge: "And they paid way commissioners, usually as part of that?"

Wilkins: "Yes."

Hodge: "And did not they need to serve the user as an alternative to their access commission?"

Wilkins: "The Commission was going to pay its commission. That's right. It's paid by the producer of the product."

Hodge: "He did not want them to give any service to the user?"

Wilkins: "No"

So people who work in a financial advice business are so lonely that they do not understand basic habits.

I think we already knew.

Hodge: "Do you think, however, why you should tell the councilors if they charge a service, they must provide the service ?

Wilkins: "There would be a normal expectation that people would understand that."

Hodge: "Apart from financial advisers, it is difficult to think about a job or group of people who think they cost money for a service, it's right to do not. donating the service? "

Wilkins: "You thought the service would be delivered when a fee was agreed."

Hodge: "Not sure what most of the professional occupations are being used?"

Wilkins: "Yes."

The AMP consultants did not have the education to realize that they could not cut costs for services they did not give

Hodge has shown that AMP attempted to "get the jump" on future Financial Advice laws – introduced in 2012 – by removing commissions and its & # 39; transfer to service fees in mid 2010.

Hodge says he gets something really, because AMP was clearly aware of the lawhead, that he had given another AMP another five years to ensure that they had to provide services as an alternative the fees.

Wilkins: "I think many of these did not understand that, but also that there was no number, and how the education levels have come forward, because the policies and procedures -Business that AMP has been involved, we have seen that progress. "

(How much education do you need before recognizing that you can not pay fees for services that you do not provide?)

At any stage, AMP and ASIC have still agreed to some of the final policy issues about the reform program, so AMP is still refining customers according to its original approach, which will nine years to bring everyone back, instead of three years.

Hodge: "Do you consider that as an appropriate situation?

Wilkins: "I would like to complete the agreement with ASIC."

Hodge: "Why was AMP first trying to get rid of them?"

Wilkins said: "We believe it would be more likely to be in general advice than less than $ 500 in terms of its total fee, and that it could be closed from the process."

Despite being & # 39; understand how bad it has been to deal with customers, Moving on to development, AMP has still been trying this year to remove some of its customers; program.

As of September, AMP was trying to send customers who paid under $ 500 per annum for financial advice from the review and reform program.

The total number of taxes related to these contracts, from 1 July 2008 to 31 December 2017 $ 158m, affecting it 271,000 userss.

However, Asic said that those customers should not be excluded.

AMP has now agreed to include those users.

I think that's a & # 39; means that the customers who need to wait for 17 years have to do so; now a reform need only a 13-year wait?

So, a "reconstruction and reconstruction team" was created in May 2018, and AMP was committed to ASIC that users would be developed. within three yearsSouth Westerly

AMP plans to complete the development within three years from 1 July 2018.

He has 150 employees working on improvement, and the estimated total estimated cost of its program and program $ 778 million.

That's what to enter to & # 39; cost to perform a & # 39; program within three years.

So, in June this year, the board was told that AMP wanted an important reintroduction of its review and revision program.

(I think what does that council cost?)

Hodge is asking Wilkins about a very slow time he is doing; gives him an AMP to restore customers.

Part of the problem, from the AMP perspective, is that it is difficult to find all paying customers who pay taxes for any service.

AMP systems are too bad.

It continues to this amazing fact.

Because AMP has been taking a long time to work together, AMP found that some customers may be able to pay taxes but not Services were provided at the beginning of 2008 according to their expectations that he could pay up to 17 years after paying those fees for their treatment.