absolute incompetence personified
I will be moving my $27K from these clowns at some stage in the near future. Have been with them since the 1990s when an ex employer opened the account for me. Since then have made only personal contributions and I am sick of their high fees, rude staff and general incompetence. I fully concur with a number of the comments posted by others. 90 day turnaround time for complaints (seriously IOOF). I would have thought that since the departure of several senior managers and the former CEO for well documented reasons they would actually start getting it right.
Do not do it - cant be trusted.
They increased my insurance from $2k per year to $15k per year with zero responsibility to make me aware. They charged me that for almost 3 years and its 100% my responsibility.
Oh they also earned a nice commission while charging me this, fees are high - they dont care and cant be trusted. Use someone else. Safe yourself the heartache and cash!
I agree with the rest of the disgruntled clients. Don't deal with them :(
I was only with them for a short term which ended up costing me just over $20K.
It was my first and only experience with super and "DEFINITELY" my last.
My advice is to do your homework before you contact anyone on what could potentially be a very costly mistake.
BTW, I was paid a bit of "HUSH MONEY" to button me up which proves they mismanaged my money by going against my advice.
My lawyer advised me to fight it as I had a very good case but it was impossible for me at that time as I was going through a very difficult period in my life.
High fees, paying Insurances I didn't know about for years! Bad delayed service, product is a scam.
High fees, paying Insurances I didn't know about for years! Very disappointing and 0 for resolution and response time.. sadly.
I think the fees are disgusting, they are so high compared to all other products. Once I didn't work for two months and I noticed the 12 lines of fees over 60 days, around 500AUD. This had been happening for 7 years or so, immediately contacted asking why I had two insurances!!! Over 1500 per year and I was told 90 days on a reaponse, its insane.
(They did respond, with a poorly written, rushed email explaining why ...such fees were valid, despire never opting in or renewing, really rude deplorable email) Once I get my insurance refund I will never deal with this unprofessional company ever again! The only benefit is that you can live trade a couple of times a month to combat their fees..... the extremely high fees and watch out.. when you get above 50k MORE FEES, they will also charge you $40 brokerage to buy and also to sell.
DON'T DEAL WITH THIS COMPANY
I sent an email on Monday to enquire about talking to a consultant as I hadn't spoken to anyone from this company for 9 years. By Wednesday, no response, so I called. They couldn't find my email. They called back several hours later to say they have received and I'll get a confirmation by Friday that they had received my email. Friday is here and I still haven't received an email, for I don't know what for.
I have just looked on their website for a contact in Perth and no phone numbers, only a street address and PO Box No. Nonsense.
DO NOT SIGN WITH IOOF or TAL!They take money from your super, to pay insurance that you never authorised or knew about
I have never signed anything with IOOF. I signed with Spectrum in 2013. IOOF then purchased Spectrum.
In 2015 I was forced to resign from my employment. This is the first time I have ever been unemployed since I moved out of home at 13.
I have no prior medical history.
IOOF were notified that I was no longer employed, I received a letter to this effect from IOOF. However, this letter never mentioned the Income protection Insurance that I unknowingly held with IOOF, that they were also deducting the fees from my superannuation for this insur...ance. This was all without my knowledge or consent. In the letter it stated "upon receipt of your signed authorisation, your" employer policy" will be transferred to a "Personal policy". Once the policy has been transferred, we will issue you with online access, to view your account. " IOOF changed my policy, but never issued me with online access. I was also NEVER issued a copy of my policy, or relevant disclosures that they are obligated to give to every customer at the beginning of the policy. As I could never see my policy, I was unaware what I had.
Certainly not the best
I was with Ioof for 15 years,
My balance is now way less than the contributions that have gone in thanks to high fees & extortionate insurance that you are automatically signed up for.
After learning what has happened with Ioof during the royal commission with dishonest directors I finally made the decision to switch.....
Best move ever !.......
Ioof is a retail fund, out to make money for shareholders not its members!!!
IOOF bought out the super fund I was with for 30 years and was happy with however ......
IOOF has lost $8000 out of my fund in 4 months - gross mis-management and even greater incompetence. -unbelievable and worrying. Paying admin fees for what - they do absolutely nothing and do not respond to request for information.
I am very concerned about the recent bad press and looking to change funda.
Terrible Super Product
I was in this fund for nearly 3 years and made a total return of -2.2%, despite them advertising returns of 8% and 9%. I was forced into this fund by an employer and then moved (without permission) into a different super product when I left that employer. I have just withdrawn my money from this fund and, on top of the huge fees and terrible returns, they have charged me $75 for the pleasure of moving my own money. I would never recommend IOOF to anyone.
Have been trying to get someone from IOOF to call me back
2 telephone calls which I left a message and one email. Nothing. Looks like they done want my business
National Australia Trustees did a crap job in sell this part of the business to them. Will consider my options next time I go for a loan. Will consider other banks apart from Nab. Have been with them for 36 years.
- Verified customer
IOOF have a large options of investment funds
I switched to IOOF two years ago and I have been very happy with the fund management. The main feature that I love is the wide variety of investment options. I had a selection of thousands of funds compared to when I was with AMP and I had minimal options. The fees are only justifiable if you have an investment of over 50K in my opinion
Almost transferred husbands superannuation to someone else' account all because of a typo on their e
We received a strange letter advising that a portion of my husbands superannuation would be transferred as per "court orders". This confused us as we had not seen any court orders so my husband contacted IOOF to find out what was going on and was told that $38,000 would be transferred from his superannuation to someone else' as per the court order which he signed at the lawyers. He informed them he had never been to see a solicitor and the lady on the end of the phone treated him like an idiot and said "umm yes you have we have your signature...right here". My husband asked who the superannuation was being transferred to and when he was told the name my husband advised "I don't know who this person is", once again he was treated like an idiot, until the lady on the other end finally looked to see where it was signed and gasped on the end of the phone and said "I am so sorry, there has been a clerical error, we will fix this straight away". Basically, if my husband had not seen the letter and called them to find out what it was about, this $38,000 would have been transferred out of his account to someone else' all because of a "clerical error". I lodged a complaint with them, I got an initial response advising they would look into it then once they realized what had happened they did not bother responding to me, so I sent a follow up email which also was also ignored. I am appalled that something like this could happen and they don't even have the decency to respond to your complaint... I would strongly recommend to find a different super fund and avoid this one at all costs.
- Verified customer
Would have rated 0 stars if there was one
Now I regret as I read the reviews very late. Worst super fund, No wonder why they don't have at-least one good review. They added income protection and insurance on the top of super without letting me know and kept on deducting them every month. They say that it comes by default along with the super account. There was only a small amount going to my super and major portion of that was eaten up by IOOF as administration charges, member fee, insurance premium and income protection charges. Now that I decided to move out they say they have an exi...t fee of 75$! Well, better late than never. Switching to another super now. They never ask you whether to add insurance when you open account, they just add it by default, it will be mentioned in the disclosure statements middle page where no one notices. I would advise everyone to stay away from this company.
Painfully ignorant and arrogant
I called ioof to get financial hardship forms and I was told they would send them via post. A week and a half later I called to advise I had not received anything and I was told they would email me the forms. The next day I called to advise no email had been received, then again the next day, then the next, a week later they arrived, in the post and via email. With my financial hardship turning to financial ruin I sent back the forms with the required identification and proof of my debts via express post. A week later I called to see if they re...ceived and they said they had not. I knew something was not right so I called back 5 mins later to double check and I was told it had arrived but my application couldn't be assessed until I supplied a centerlink PAYG summary for 2014/15 financial year. Making a conscious effort not to swear, I began venting my frustration. And before I had finished they decided to end the call. Because it just ticked past office hours I was unable to contact them again until the following Monday. Furious and Financially bad, I called to tell them my 2014/15 PAYG was $0 and asked if I could forward the statement emailed to me in an attachment from centerlink to quicken the shambolic process and this was approved. Another week past by and I had not heard anything so I called to see if there was a problem and was informed the emailed attachment I sent was not acceptable and that I had to send the original statement via post. Confused over the logic I needed to clarify if the the first print out was deemed as the original and that any print out after would be deemed a copy. In a condescending tone I was told this was correct and that I should know the answer. I was also made aware that if I had of sent the correct forms the process would be quicker. Now I'm at fault? I demanded a supervisor and was told no one available and they would return my call. The next day I received a call and was told it was being assessed and I should receive payment by the end of the week. The following Tuesday I called to find out what was going on and I was informed the process had not begun and it would take 7-10 business days. It has been 7 weeks since I requested the forms and I don't know if it has been approved or denied. Customer service does not exist in there dojo so don't expect any don't expect any compassion either. What you can expect is a whole lot of ignorance and arrogance.
Switch from this super as fast as possible
Words can't describe how bad this super company is. Been young I never really looked into my super that much. Recently I found out they had opened two super accounts in my name and charging fees for both when I never gave permission to this. What is worst they started to roll over all my super into a high risk super account at about 70% risk? This is a complete joke to do something so silly at during 2016 with stock markets as they are. As soon as I found out I switched all my super out of the account.
absolutely poor customers service
Honestly ive never known a company to speak so poorly and rude. Really unprofessional. So arrogant. The customer service has been the poorest or poorest, and that is dealing with a number of member with the company.. Ive now changed super company due to the way ive been spoken to. No help or advice. Sorry to say but highly do not recommend.
- ‹ Prev
- Next ›
Questions & Answers
Sorry, there are no questions yet.
ProductReview.com.au has affiliate partnerships. These do not influence our content moderation policies in any way, though ProductReview.com.au may earn commissions for products/services purchased via affiliate links.