Finance and Expenditure committee meets with EUFA members today

The Parliamentary Finance and Expenditure committee is meeting with EUFA representatives today . The committee invited submissions earlier this year which also offered the opportunity for oral submissions.

Jim McSoriley and Suzanne Edmonds founders of EUFA will meet the committee. Mr McSoriley has a very strong submission to make as he continues to seek justice from AMP who has failed to restore the McSorileys position after their advisors invested their house funds in high risk AMP products.

The McSorileys case has proven to be one of the worst cases submitted to EUFA and AMPs handling of their complaint has been totally unsatisfactory. New complaints are showing AMP has a very obscure and unjust complaints process. Internal communications in the McSorileys case show a very unfortunate attitude to them the first instance of the complaint. The McSorileys were never afforded a fair hearing.

Insurance and Savings Ombudsman (ISO) Karen Stevens last week wrote to AMP re another AMP complaint in relation to the time it is taking to investigate. While the ISO can not act in this particular instance she took the initiative to write and demonstrate her concerns.

Changes in senior staff at AMP in recent weeks, implemented by Managing Director Jack Regan, will have no effect and not restore customer confidence unless AMP change the culture of dealing with customers valid complaints and treat the complaints fairly offering a mediation process. If AMP introduce this and do not deal with it retrospectively the McSorileys will continue in seeking a fair outcome.

Suzanne Edmonds coordinator of EUFA said from Auckland this morning “It is a positive move that Jim McSoriley is given the opportunity to speak to the Select committee today and we expect a reaction of dismay when he delivers his message to the them”...... She added “ People looking on usually take an apathetic view to these things until people like the Berryman’s continue to seek justice.....eventually prove they are right that’s why they never give up”