Update by user Apr 12, 2016
Original review posted by user Apr 11, 2016
I have been robbed by MLC, an insurance division of the National Australia Bank (NAB). Please note, this consumer complaint is not necessarily a statement of facts, but my honest opinion and view, based on my own experience and assumptions. I am a victim of unconscionable, disgraceful, appalling, deceitful and deceptive conduct by MLC and NAB, and their broker. By way of background, MLC (NAB) have been a subject of the Australian Senate inquiry into the wrongdoings, misconducts and frauds in relation to the provision of financial services / advice. So, they are not some innocent, ethical organisation, but an organisation with a history of dishonesty towards their own insurance clients. The heads of the National Australia Bank, Andrew Thorburn and Andrew Hagger, promised to the Australian Senate hearing into the financial services corruption that, if their organisation needed to pay more compensations to the victims of their misconducts, including forgery, doctoring of files, compliance issues etc, they would be happy to pay those compensations. Those were just empty promises. I have received a zero compensation so far. I am also a victim of the National Australia Bank (NAB) / MLC, but still have not received my compensation after six years of fighting for it. My application form was fraudulently altered behind my back, without my knowledge, presence or consent, after I had already signed it and left it in the office with my adviser - something that was absolutely not supposed to happen. It gets even worse: my entire insurance file was destroyed once I started suing the National Australia Bank - I can only assume it was destroyed in order to cover up all the wrongdoings, forgery, frauds and misconducts against me, which is not right or fair. The soap opera doesn't end there. The financial adviser Paul Woodward got sacked (one month after being audited), as per his own personal admission to me in 2007 - at the time of his sacking, he admitted to me it was for some kind of misconduct / wrongdoing relating to the provision of financial advice. The National Australia Bank (NAB) pressured doctors and other 'independent' experts to change their reports or to write favourable ('cash for comment') reports to support the insurer's objectives of cancelling rightful claims. The National Australia Bank's adviser provided me with a negligent, reckless and deceitful financial advice, making me cancel my other, perfectly OK insurance policies (held through my employers) in order to buy the NAB's insurance product so that they could make money off me. The National Australia Bank (NAB) fabricated their evidence and made up false accusations against me in order to attack my credibility and wear me out, both mentally and physically. It used deliberate tactics to delay things for SIX years already, in order to wear me down and to force me to either walk away or commit a suicide. In addition, the National Australia Bank bullied and harassed me and my family, including my fragile and elderly 78yo mum. They bullied her to force her hand over her computer to them for an examination, even though she had never been the National Australia Bank customer. They did it via their lawyers in order to break me down by torturing and threatening my 78yo elderly and sick mum. Absolutely appalling. The National Australia Bank has threatened me through their lawyers against speaking up. I paid thousands and thousands of dollars in premium fees to MLC (NAB) over the years, and now I am treated as an imbecile, a sub-human, without respect, as if I never even existed. I am not even a number to them, but a piece of paper. The National Australia Bank have behaved appallingly - a total disgrace. After having paid Income Protection Insurance fees in thousands of dollars over six years, I became chronically ill and unable to ever work in my profession again. My MLC Income Protection policy is supposed to pay me benefits if I am unable to perform at least one duty of my own profession - that's what I was promised when I signed up for the Income Protection Insurance policy with MLC (NAB). Now, the National Australia Bank and MLC do not want to honour their commitment to me. For many years I was paying MLC (NAB) thousands of dollars in premiums, and during that time I was a valued and respected client. As soon as I was diagnosed with some serious chronic conditions, MLC (NAB) realised that as result I would never work in my own profession again and they would be liable to pay me Income Protection benefits until my pension age. They promptly cancelled my Income Protection Insurance policy, inventing the reasons for its cancellation, leaving me to rot and die slowly unable to afford all the treatments and medications I needed. My life is literally in ruins, a living ***. Instead of concentrating on getting better, I have been forced to fight a court battle against MLC (NAB), a multi-billion dollar bank and insurer, for six years already. My life has been destroyed. My insurance claim amount is something the National Australia Bank and MLC would barely notice - an equivalent of one dollar to an ordinary person. In my honest opinion, I received a substandard, negligent, unethical, reckless and deceitful service and advice from the National Australia Bank and their broker AMP / AXA. The National Australia Bank and their insurance division MLC are not deserving of trust. Dealing with the National Australia Bank has had catastrophic consequences for me and my family. The financial advisor, Paul Woodward, who acted on behalf of AMP (AXA), sold me the MLC Income Protection Insurance policy. The adviser and NAB put their interests first, and mine last. The only thing that mattered to them was to rip me off, no matter what it took to achieve that, having a total disregard for right or wrong. AMP (AXA) and their adviser Paul Woodward also provided me with a substandard, wrongful, incompetent, reckless, negligent and deceitful advice regarding a NAB (MLC) Income Protection Insurance policy. First they advised me, with no proper justification and basis for that advice, to cancel my other, perfectly OK and suitable insurance policies, so that they could have an excuse to sell me their own insurance products. Then they pressured me to buy a NAB (MLC) Income Protection policy, to cover me in case I became unable to do my job. As mentioned previously, it was established my financial adviser amended / altered my National Australia Bank / MLC insurance application form behind my back, without my presence, full knowledge or consent, after I had already signed and left it with the adviser. Then it was established my entire client file disappeared, most likely destroyed in order to cover up various wrongdoings and misconducts. Then the financial adviser Paul Woodward got sacked (one month after being audited) - at the time of his sacking, he admitted to me it was for some kind of misconduct / wrongdoing relating to the provision of financial advice. Despite all that, my understanding is that NAB / MLC and AMP / AXA are still permitting Paul Woodward to continue selling their products. The moral of the story is that the National Australia Bank (NAB) and AMP / AXA do not care whether something is right or wrong, ethical or unethical, fraudulent or not - as long as it brings them more revenue, they are happy to accept that revenue no matter how it got obtained. After being sacked by AXA FP (AMP) for some alleged financial services misconduct in 2007, the financial adviser Paul Woodward just simply moved to Patron Financial Advice (InFocus Wealth Management) and it has continued authorising the financial adviser Paul Woodward to continue providing the financial advice on their behalf- despite my complaint to them about the adviser's various misconduct breaches, which is highly disappointing. It is a total disgrace that some unscrupulous financial advisers can just move from one financial institution to another institution to do the same kind of job which they had failed to do properly and competently previously - for which they were sacked in the previous financial institution. It would be an equivalent of a surgeon being sacked by a hospital for failing to follow proper surgery procedures and harming patients, only to simply walk across the road to another hospital to continue working as a surgeon there - the job they failed to do properly in the previous hospital. MLC and the National Australia Bank (NAB) have declined, for no valid reason at all, to compensate me and pay me my Income Protection Benefits - something that is rightfully mine. They just want to save themselves money. Instead, they have dug in, fighting with me in court for six years already, using their unlimited financial muscles. They have forced me to fight in court for something that is rightfully mine, and something I or anyone else should not be forced to fight in court for 6 years. They are hoping I will simply just give up, walk away or die / commit a suicide. Well, I won't. I have written to the management and the board of the National Australia Bank (NAB) and MLC on a number of occasions to emphasise and expose various financial services wrongdoings either committed by them or on their behalf. I have pleaded with them to stop this insanity, to make it right and pay me my money so I could move on with my life. They have ignored all my requests. I have been treated as a sub-human and an imbecile, despite the fact it is MLC / NAB, along with their broker, who have got me into this situation in the first place. I have offered them multiple chances to rectify the wrong their organisation did to me. The National Australia Bank / MLC tormented me at my weakest moment. The following are the management and the board members of the National Australia Bank I have written to, and who have all declined to act and do the right thing, and instead have threatened me through their company's lawyers: Andrew Hagger - Group Executive of NAB Wealth Andrew Thorburn - NAB Chief Executive Sandra de Castro - Chief Marketing Officer at NAB Antony Cahill - Group Executive Product & Markets Craig Drummond - Group Executive, Finance & Strategy David Gall - Group Chief Risk Officer Michaela Healey - Group Executive, People, Communications & Governance Angela Mentis - Group Executive Business Banking Renee Roberts - Group Executive, Enterprise Services and Transformation Gavin Slater - Group Executive, Personal Banking Michael Chaney - Chairman of the Board David Armstrong - Director Daniel Gilbert - Director Peeyush Gubta - Director Kenneth Henry - Director Geraldine McBride - Director Paul Rizzo - Director Jillian Segal - Director John Waller - Director Anthony Yuen - Director Louise Thomson - Company Secretary Mr Nathan Butler - General Counsel My life is in ruins and my livelihood is destroyed as result of the wrongful, unethical, negligent, incompetent, deceitful and substandard service and dishonest actions by NAB (MLC). ASIC, APRA or another agency should do something about this and lift their lazy finger for a change. I am now in a desperate situation, unable to afford all the treatments and medications I require, and on top of my multiple chronic illnesses, I have to fight a marathon court battle against two multinational, multi-billion dollar organisations. Every day is a living *** for me, caused by MLC (NAB) and AMP (AXA). I am slowly dying as a result of the MLC's (NAB's) actions. I will never ever again deal with MLC or the National Australia Bank (NAB). You should stay away from those dishonest organisations and find another insurance company or bank, or you may end up in the same situation as me: having your Income Protection Insurance policy cancelled for an invented reason, after paying super high premium fees for many years, and then being forced to fight for what's rightfully yours for the rest of your life, or simply just give up. If you have ever received a sub-standard, poor, reckless, fraudulent, deceitful, criminal or incompetent financial advice from the National Australia Bank, MLC, AMP, AXA or Paul Woodward, a financial adviser/planner from Sydney, please email me confidentially to: syd2000review@***.com I need your help. Do NOT deal with MLC or NAB, as they will only provide you a false sense of security, and will have no regards for right or wrong. They will abandon and sacrifice you for a few bucks of extra corporate profit. They could also destroy you, your family and your life. They don't care if what they do is morally corrupt - they will do whatever it takes to make an extra dollar out of your misery.