Exclusive: AMP advisers call for government inquiry over alleged fraud, deception | CharlotteGriev1
Under the old scheme, advisers bought client registers off AMP for four times the annual revenue and AMP promised to buy it off them for the same price when they retired. Many took out loans with AMP Bank, using their homes as security to buy the registers.
"Their [AMP] incompetence and lack of duty of care has ruined my business, career, family unit, health and now my finances," one adviser, who could not speak publicly for legal reasons, said. "I suspect that I will be both unemployed and homeless by Christmas if someone doesn’t do something soon.
AMP maintains it has hosted information sessions with affected advisers alongside the Small Business Ombudsman, but advisers say these sessions have been ineffective. "Some of our cohort have tried to take their own lives, others have lost their relationships, homes and everything they ever had since AMP left them with a nothing but a big pile of debt and poor mental health.
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