Corporate Stupidity, Australian Style

It’s nice to know that the US has no monopoly on idiotic behavior. Or maybe that’s just depressing. Not sure.

Australian financial firm AMP has been charged with misconduct for

  • Charging customers with life insurance premiums and
  • Charging customers with financial planning fees.

Now, neither of these actions would be all that remarkable — if the customers in question were still alive. They weren’t and the company had been informed prior to posting the charges.

That is unless they have found a way to provide financial planning services for the next life? Or there are banks and money in heaven or hell? Or on another planet or in another dimension? (I really hope not. Somebody should have learned something from their time here.)

Maybe they’re aware of something about which the rest of us don’t know. A unique investment opportunity?

We might ignore this if it were a single clerical error. But more than 2,000 times?

Anyway, the regulators (and presumably the Queen) are not amused.

Sources:

  1. https://www.insurancebusinessmag.com/au/news/breaking-news/amp-sued-for-allegedly-charging-deceased-policyholders-256211.aspx?utm_source=GA&utm_medium=20210527&utm_campaign=IBAW-Newsletter-20210527&utm_content=623F0AA8-9B78-44C9-AB70-F65B8EB6DBD3&tu=623F0AA8-9B78-44C9-AB70-F65B8EB6DBD3

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