Vero Premium Refund Information

Vero and AMP* have advised that they have made an error that resulted in a number of people, including some Rothbury clients, being overcharged for their domestic insurance premiums. Rothbury is helping remediate this on behalf of AMP and Vero and we would like to offer you the option of having your Rothbury account credited or to receive the overcharge by way of a refund.

How did this AMP and Vero premium error happen?

This error was due to AMP and Vero applying the incorrect multi-policy discount rate. This resulted in a number of people, including some Rothbury clients, not receiving the multi-policy discount to which they were entitled. These impacted people were overcharged for their domestic insurance premiums and Rothbury is helping remediate this on behalf of AMP and Vero. AMP and Vero are remediating clients with active policies since 2012 and have now fixed this error.

How is my refund calculated?

Your refund amount is comprised of the sum of AMP or Vero’s overcharged premium, GST and an additional amount from AMP or Vero for the inconvenience. You will find your personalised refund details, including the policy affected, on your email or please contact your broker. 

What are my options to have my refund returned to me?

To resolve this premium overcharge, you can choose to receive your refund via one of the following two methods.

• Option 1: Refund to be applied as a credit to your Rothbury account 
• Option 2: Refund to be deposited to your bank account via direct credit

To confirm your preferred refund option, please click on the unique link in your email and you will be directed to our secure refund website. 

If you choose option 1 (credit to your Rothbury account), your refund will be included in your statement balance from 20 January 2023.

If you choose option 2 (direct credit to your bank account), you will need to please visit our refund website (link in your personalised email) to confirm this refund method and provide your details. Once confirmed, you can expect to receive this payment on or about the 18 January 2023.

If you don’t confirm your choice by 10 January 2023, the refund will be automatically credited to your Rothbury account.

Rothbury is committed to protecting our client’s confidentiality and privacy including fully complying with the Privacy Act 2020 and the Code of Professional Conduct for Financial Advisers. We have published our Privacy Policy on our website. This sets out how we collect, use and store personal information.

*AMP policies are underwritten by Vero