IOOF

I was with Ioof for 15 years it was an underperforming fund with ridiculous fees and when I changed funds they took $3,500 in capital gains tax and other fees - They will claim they are good - But be very careful of this company

1 star is as low as I can go but doesn't reflect how I feel. My wife closed her account on retirement. Not only had she lost over $24000 on an investment she never approved, it has cost an additional $1055 in fees to withdraw HER money and close the account. The hilarious and most disgusting part was when she asked how much it would cost to do… Read more

this, she was told "we don't charge you to take your money out" hogwash! She joined when IOOF was known as Austchoice. Recommended by her accountant, obviously so he would receive commissions. You make your own decision, but my advise is buyer beware. Generally speaking all funds have poor customer service so look for the best return with low fees. Good luck!

Elderly in-laws had IOOF shares for super. Went into nursing home, and my husband and his parents asked IOOF to close accounts. It took 3 YEARS for IOOF to close accounts and return their funds. They kept losing forms, they would advise what forms and documents they needed, then each time these were provided, they would say they need further forms and documents. They stalled and stalled. A very stressful experience.

great service to release COVID payment – I had my funds within 2 days of receiving the approval from the ATO. IOOF made sure it was processed quickly and had great communication and the wait time on the phone was shorter than my expected.

Great customer Servce – Besides how much fees and charges they do, i am grateful that i was served by 2 great lady consultants. They were very nice and helpful today.

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

Added MFA to my account and removed my ability to access my own money bc their MFA only works with mobile phones and not email or authentication app. They have impacted my ability to manage my money without my permission - should be illegal!

Terrible service, terrible product very expensive – Terrible service, terrible product. I HAD a IOOF Personal Super account with them, high fees, high brokerage cost. Limited ETF selection (unless one is prepared to pay for a financial advisor (so they can get commission)). Try and get them on the phone and they let you wait 20 mins. Super slow to pay dividends. Stay away.

Worst super out there – Absolutely worst super with very low growth and super high fees. Dont go with this super. I was with them for 7 years and my super growth was sub standard and dissapointing

Distribution of funds on deceased estate – Very unprofessional,when my mother passed away she had moneys in ioof firstly they sent funds to all family members without taking tax out , so everyone had to then send moneys back to be corrected and be redistributed,a lot of stuffing around at a sensitive time in our lives , then we were told for our troubles each beneficiary would receive a… Read more

gift basket from ioof , the gift basket’s all four of them must have got lost in the mail . Your really just a number terrible service ioof .

Failed us terribly – We thought by putting our hard earned money with professional financial advisors they would make our money work for a safe future. However we would have done a better job ourselves by burying it in the backyard. They pay themselves from your money, and do nothing for you, how they are in business is beyond belief. I feel I’ve been scammed. My… Read more

return over 3.5 years is negative. -3.2% this was in a conservative fund. Don’t use this incompetent company. IOOF now work under the Bridges banner. Beware.

Over 10days to access our funds for withdrawal meanwhile we are losing money in the thousands plus on most days – Unsatisfied as 10 days for funds to be transferred back into my account when it only took and instant transfer for my funds to appear in IOOF. Seems a one way street. Not answering phone from Financial Adviser or myself. Would have expected a better service, but if this is their benchmark to customers I could not recommend them Show details

Made a processing error and won't pay me interest – I had a 10 year bond with them - they stuffed up my redemption form and only fixed it up when I called them. If I had not noticed, I would have had a huge tax bill. Then they held onto my money for a week and would not pay interest. They claimed it needed processing time, yet it was already in cash. So they basically stole $100s of dollars from me. Don't invest with them.

After 7years of working I fell sick and had been paying a homeloan 17years. It took 6months to get approval in 2013 – They started off as AMP Life insurance 2001 then 2004-2005 they changed name ING-INTEGRA. 2008 they changed there name again to ONEPATH Life insurance. I am very dis satisfied my home was an investment property and instead of the $200,000 income protection that would have helped me keep my home. I received a new trustee that somehow took over my… Read more

superfund and the bank applied $100,000 of enforcement fees to my loan and forced me out homeless on the street with nothing but my Chiuahuaha and bag of clothes!

Worst superannuation provider – Unhelpful. Rude. Contradictory. I wish super was more regulated so I could report them but no one cares. I have asked for help but was met with templates that answered nothing and lies to follow.

Move Away from this Fund today !! – This is the worst super fund ever, they have made many mistakes with my super, I send an email and never reply me back with a proper answer. I have decided to move my fund away and they have charged me so much fees and including investment losses. Please do not join this fund and the performance was worse than many other funds.

I wont trust my life saving in their hands – Very high fees and costs - which are not explained - slowly eating away your super savings. No responses to my enquiries. Not professional. I don't know how such companies are allowed to operate?!

Screw you IOOF – Have been a member since 2009. After Covid and a divorce, was in severe financial hardship. IOOF would not let me withdraw any of MY money that I EARNED and WORKED FOR. I’m in the process of changing to a different fund. Useless and unhelpful.

I CANNOT TRUST IOOF TO BE A GOOD SUPER MANAGER – Today I receive a phone call from IOOF and the lady says the $1000 I took out early this year did not come from my account and they took it out of someone's else account. I am concerned for two reasons. 1. They have sent no written information to say this and obviously want to do a hidden fix over the phone leaving no record. Surely the credible… Read more

thing to do if it is correct is to put the facts in writing to me?

2. I now doubt IOOF ability to manage money. When you make a withdrawal they do all sorts of ID, so how can they take money out of another's account.

I would put NO stars but it's not allowed, so one will have to do.

Incompetent – IOOF earned $1k for me on a $250k fund balance, and charged me $1k in fees for this abysmal return. I get that sort of return from dividends on $25k of shares with no fees. This is worse than a term deposit. What are these "experts" doing?

Worst fund in Australia – Terrible service. 1 in 100 staff know what they are doing when you call. High fees. Look before you join. Fees are as ridiculous as the service. Got put through to a "manager" who didn't know how to work out 15% tax on my contributions ???? Unbelievable. The place needs to fire all these Muppets and hire some brains.

BOOF & Super is Gone – Started fund with an exemployer $34K Paid in. Then scammed out of the fund with insurance hikes. Seams if you leave the employer the default is to change your status from white collar to blue collar and when discussed the answer was we do this for all. I requested his be changed and ergo they increased my payment. Now 4yrs later my account was… Read more

closed due to lack of funds I asked IOOF what was the last yrs insurance costs the answer was $11,000 for life and income protection. Now this is so wrong and we just keep getting abused by super funds. It will be interesting when all super funds don t perform and the outcome is people living in poverty. TAL your in this scam as well.

Nobody seems to reply – Emailed 3 times over a week with zero response approved and waiting for my funds to be released due to COVID absolutely no activity on my account had to take it upon myself to sell off things account to be closed after I’ve received MY funds whenever they get around to it

70% increase in my life insurance policy – 70% increase in my life insurance policy in one year after being insured my whole working life with 100F. The reason? We are having a lot more payouts than expected. Disgusting.

Horrible service – Horrible horrible service. I have left Australia to go back home since June and since then i ve been trying to change my log in details. 9 months later and still cant log in. I called a numerous times and they say they fix it. Thats didn't happen yet. I am no longer living in the country and not planning to come back to work either and was told i cant access my super. Basically 8 years worth of super down the drain. Ripped off big time.

Deceptive – Discovered too late that my ‘independent’ financial adviser was actually owned, through undeclared links, by IOOF. Their ‘advice’ was aimed at serving their own interests through trailing commissions. They have been in the news for all the wrong reasons.

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… Read more

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.

Insurance scam artists – Do not go with IOOF. They will scam you with insurance fees which are exorbitant compared to the market and will keep you uninformed and try to prevent you from withdrawing your super.

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… Read more

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… Read more

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.

I've lost close to 30,000 due to Ioof, insurances and fees - please be careful, as this company destroyed a solid retirement for me.

Its 100% the worst super product on the market.

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… Read more

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… Read more

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 insurance. 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.

I was contacted by IOOF 3 years after I ceased my employment, to finally issue my online access. It was at this time I was first advised I had Income protection.

As they deliberately failed to issue me any of the relevant documents they are obligated to provide, I was completely unaware of the terms and conditions of this policy.

I was unaware I was required to attend very regular medical appointments.

As one of my conditions kept me confined to my bedroom for 12 mths, only leaving my home 10 times in 3 years, I was denied for not meeting the requirements of my policy, which were never given to me at any time in the 5 yrs I had been a customer. This was also dragged out for 13 months with TAL Insurance, requesting various information they did not require, and legally could not request as it had nothing to do with my claim. I was advised by my lawyer they should never have requested any of it. I made several complaints in August 2018, I was given. Countless apologies for the constant failure to return my calls or finalise my claim. I was assured everytime that my claim would be finalised immediately. This never happened.

I forwarded my complaints to the Super ombudsman in November 2018, then forced to resubmit to AFCA. This was just to get a response from TAL regarding my claim, that was submitted in April 2018. All required documentation was supplied by June 2018.

In the end the final response from TAL and IOOF, was denying my claim for a reason they were fully aware of in April 2018. This was also the first time I was advised of this.

I reported all of this to AFCA, and have all of my calls recorded to further prove this. I was asked to submit Statutory Declarations from anyone that had any contact with me during the 12mths, stating "this will help" in arguing my case. I was asked to submit a timeline of my appointments with a home visit GP during the 12 mths.

In the end, I was denied by TAL and IOOF because the GP that treated me is apparently not registered. Despite visiting my home initially from a "Home Call GP" service. Clearly not something I ever felt to check, since I know these services do not send out unqualified people as they advised me. I was also penalised because I was unable to provide one of my scripts during that time, as it is taken by the chemist when its finished. As my medication is not covered by PBS, there is no record that can be obtained through Medicare to further evidence this. I was also penalised for not having cash receipts to evidence my treatment, as it was taken in a fire at our home in June 2018. This was advised to TAL and IOOF at the time, but my claim was still deliberately delayed for no reason for 13 months.

Due to the fire at our home that claimed half our property, it also claimed my partners entire business, that he built from the age of 18. This rendered our household with no income at all for 8mths. TAL and IOOF were fully aware of this, but still delayed my claim, forcing me into serious financial hardship, now looking at losing everything I own, my mother's retirement money she loaned to us for the purchase. I will also never be able to work in the career I have dedicated my life to, for 15 years. This is the result of being one of the countless people, that have been treated the same way.

The worst part, AFCA is the only place you can complain about being blindly ripped off like this, yet despite all the unlawful actions by both TAL and IOOF, AFCA also allows this, with no repercussions to TAL or IOOF for the endless breaches to their obligations.

Apparently they have the right to do this, and when they deny your claim, because u were never given a copy of the policy or PDS, FSG etc, this is also allowed. As confirmed by AFCA. I was also advised that due to so many complaints like mine, new legislation was brought in to ensure this type of unconscionable behaviour can longer continue.

However, for people like me that have been with their superannuation company prior to the new laws, there is nothing AFCA will do to help you. Even when you are faced with losing everything because of the mistakes and breaches made by your superannuation company and insurer.

I have never been so appalled by the actions of the Ombudsman, that is meant to help customers that have been ripped off and misled. Instead choosing to condone the unlawful actions of both TAL and IOOF.

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!!!