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Monsters Who Wouldn't Pay Out A Claim
Appealing service from BT Financial Groups insurance arm. Flat out refused to pay my client for works that were required.
First they lied regarding their obligation to pay out a claim. Once this was completed they changed their tune because legally they had to. Then they tried to offer such an insignificant amount for works that needed to be completed.
Made it out like they were going to be fair and put me on hold then transferred me through to several different departments before saying that they think it was reasonable for their representa...tive to hang up on my when I chased up a series of emails and follow ups that I had sent MONTHS prior. As an award winning business I am disgusted with the service from BT Financial Group. We have been working with insurance groups for the past 15 years with zero issues and now they are trying to take advantage of people who don't deserve it. In addition to this they are rude and have no respect for their clients whatsoever. I don't want to publicly name people but I would be very disappointed if I had been involved in the process.
23 years of waste
Was with BT since 1996 and was far too trusting of their ethical (and fiscal) responsibility to act in my interests. They didn't and it has set me back 10's of thousands....
Excessive fees and consistently poor returns on their "BT Retirement Selection - Personal super plan" product, and further compounded by the Complaints Resolution Team who's only purpose is to deflect and avoid any recognition of the issues.
I've paid a heavy price for not paying attention - don't let it happen to you.
Terrible support and terrible roll out process could cost my client his insurance policies
I am an adviser working with a client to help them roll out into a more cost effective super fund of their choice and they have applied for new insurances with a retail insurer with application being accepted and the client expecting a rollover that should take a maximum of two weeks. We supplied rollover forms 4 weeks ago and BT contacted the clients old adviser who is no longer acting for the client, and hasn't contacted or dealt with the client in over 10 years, then they contacted the client to ask him whether he would like an in-specie tra...nsfer of his assets or a sell down of assets. Not knowing what the difference between the two and feeling pressured to supply them with an answer as he knew his insurances are pending payment, he answered an in-specie asset transfer after the BT customer service gave the client an explanation. This could take up to 6 weeks to reach desired super fund. After calling their admin/support team to explain the situation, they said they would rectify this and stop the transfer and allocate me as adviser. After following up a week later, they said that the customer service officer hadn't followed it up and we were back to were we started. After another week of back and forth with the BT Team and having to do a transfer of adviser to us with the client, we have to now await the sell down of assets within the BT Wrap account and then wait rollover. We have fortunately informed the insurance company and they are giving us an extension on payment of insurances so that the application doesn't lapse. For a client like this with who's the sole income in their household and who has high debt and little children, not having his insurances in force could really harm his family. I only hope that BT makes no more mistakes with this clients funds.
BT Insurance are terrible, very frustrating and completely disorganised
Terrible, very frustrating and completely disorganised is how I'd describe dealing with BT Insurance. Last month BT tried to double-charge us $3,825 for a premium we'd already paid, and I keep getting mail about the premium being overdue even though 2 of their staff tell us it's a system issue and they have our payment and it will be fixed. Even the manager of their complaints department called me today regarding on ongoing issue (that still isn't resolved after nearly a month and about 2 hours on the phone) and the manager didn't even know any...of the background to the complaint before calling! BT staff tell you that issues are fixed and then you get a text message or letter saying they're not so you have to call them and sit on the phone for another 20 - 60 mins telling the whole story again to various staff to try and get a resolution. BT's procedures are ridiculous, irrational and each staff member tells you a different thing - clearly the various departments don't talk to each other either. BT sets a new level of incompetence when it comes to insurance administration.
Should be locked up
I rolled all my supers into the BT robbers fund as I have been working from the age of fifteen, I am now 54 have had a few different jobs in factorys, labouring, etc over the years, busting my bum like a lot of other struggling Aussies I invested the amount of $45.000 in this scamming scheme which was all my supers, they had the cheek to send me a report that I had $2000 left 15 years later I know I could have moved to another fund (but I wasn't that savvy) as they told me when I rang them and ask them if they were going to keep charging me fees when my account was completely empty, they told me that they don't do that. Wooh I was so thankful.Id just like to thank you again BT for Rippin' me
TPD claim 2 years and counting. (AFCA time limit. Now accepting complaints dated back to 2008)
BT refusal to make any decision on TPD claim for over 2 years. Finally made decision to pay TPD claim when the AFCA got involved. I was told TODAY they're express posting a document that I have to sign and send back for payment to be processed. I call BT almost every 2nd day to be told that it should make the post by tomorrow. A month later still haven't received anything in mail.
AFCA time limit to make complaint changed after royal commission and will review issues as far back as 2008.
do not trust this company for trauma insurance
Warning.! I have been paying trauma & life insurance to BT Financial Group approx $280/month through Westpac Bank for over 18 years and when I went to claim for the 1st time ever when I have a dissection in my descending aorta was knocked back because there was no operation.?
The only reason they did not operate was because I was fit & healthy.
The 1st month after I could not take my heart ate over 80. The 2nd month heart rate under 100 and the 3rd month under 120.
This company penalises people that try to maintain their health & fitness.
Long term investor- Ruined my retirement plans. Would give 0 stars!
My husband and I have been in BT for 20 years as we are self employed. I was lead to believe they were superior to industry funds. Unfortunately I have not really understood super fees etc, but had a moment of inspiration and compared to a friends industry fund. Shocking waste of money!!! I feel totally ripped off and like I have wasted 20 years of investing. Would have been off not bothering and putting hard earned money into other things.
BT-throw your money away-SUPER!
Terrible returns, my super made no money over 8 years, the fees were equal or higher than the investment return. I was offered salary insurance & never received it when I needed it. They are a slimey company, impossible to get in contact with, the best communication I ever got was a once per week email. They lied about my investment plan & put my money in a high risk account, not forthcoming with any fund details... The list goes on. THESE PEOPLE ARE CRIMINALS
I’ve been Robbed!
Moved to Australia in early 2014 and have been with the same employer since. Called BT Super today as wanted to understand how much in employee contributions has been paid to date and see how the fund has performed.
It turns out in nearly 5 years my fund has lost 8% in value to the amount contributed. It goes without saying i’m Outraged disappointed and very angry that BT could have messed up so badly and continue to spout out nonsense that states how successful they are.
Is there no recourse for this type of behaviour? Surely there shoul...d be royal commission in to super funds and they’re misappropriation of clients funds. If anyone can suggest to me a course of action or wants to join forces in investigating BT and their shoddy super fund message me.
Not only did they refuse me insurance inside my super for my new business they failed to mention at the same time they lost thousands of dollars out of my super. After struggling to grow a little super due to the dodgy hospitality industry i decided to change careers and they lose all my super pretty much over 3 months.no effing apologies. Abd they claim to not approve my insurance due to depression caused from hospitality industry. . They screwed my effing future up even more.. depression is back thabks westpac you theiving corrupt scumbags . Burn in hell
Thieves, basically a scam
Unfortunately I've not paid enough attention to my Super over the years. Over this time BT have "performed" like parasites. Eating my Super contributions with ruthless efficiency.
I'm actually of the opinion that their "performance", fees, theft and loss of my money over the years is most likely criminal and worthy of investigation...
Avoid like the plague!
What is this money eating thing?
I started adding personal funds to my superannuation. Mistake, Then we had the bt investing experts kick in. I'm leaving quick my money dissapearing like someones in a shopping mall with my keycard I'm actually worried about how much more I'll lose before it rolls over and how much will disappear between the roll over. I think there related to [name removed] the bank robber. I want retirement money for when I retire if I go by my statistical thinking the rate my money just gets lower and lower on my super for life fund I can't see any long term point in feeding an account which actually loses money. This place is there to help the people behind obvious bad investments. Not the superannuation clients. Extremely scary, at Christmas as well.
I invested with BY for 10 years - massive mistake.
My “high yield” BT investment fund achieved a return of less than 3% over the 10 years I signed up with them. Their fees were extraordinarily high. I could have left this in the bank and got a better return, without the risk. Avoid this company, it is not worth it.
Unbelievable super! The worst performance
The worst super fund ever! My super is dwindling badly, $10k in 3 months! These people investing our super fund money don't know what they are doing! Consistently investing in bad shares! I will be switching super funds very soon! Would give no stars!! Invest elsewhere!!!
Questions & Answers
Hello my name is Kenneth R Smith and I recently opened a superannuation fund with your firm so I could roll in my ATO LOST SUPER into your firm for quick and prompt release. I opened the account a month ago . The ATO appropriated the funds to your firm on May 21 . I was expecting payment 5 business days from then as I had many emails and letters saying that BT now have my funds and have been approved for release. Please explain why this process is taking so long . I'm about to be evicted from my dwelling I have financial obligations to meet and I'm on the verge of serious mental health issues due to the stress of being told so many different stories when it should of been 5 days . I'm now looking to a legal representative to possibly tell me what my options are . Fortunately I have the privelidge of having a very renowned QC who will endeavour to enquire about my situation. I'm sorry but when people are thinking about suicide due to financial hardship it becomes a very serious issue . Could you please assist me and contact me at your earliest convenience as I'm at breaking point and my family is suffering.
Please reply asap. I appreciate your time and help in regards to this matter.
I have a BT SUPER account and my mobile number is 0424 081847.
My email is ....email@example.com.
Could you please endeavour to help me with my situation please .
Hi, am puting in a claim for SCI, on going through the claim forms have found them to be very excessive for a claim. My treating doctor and surgeons reports should all that should be required for claim, I am a contractor and they require claim forms from my employer?. They want me to fill out my own accessment forms?????. I am a contractor I am the boss. BT super are quick to take my money for said SCI insurance. I am covered for $5240.00 per month as stated on policy but not the case, they want 3 years of tax accessments? WHY. They only pay 75% of income not the $5240.00 I have been paying premiums for. I think my best plan is to give to my law firm and the government authorities to investigate as I find it just seems a way of not to honour my claim.
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