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Decision on frozen ING funds delayed a fortnight

Friday 26th of March 2010

Chairman Mark Berry told Parliament's Commerce Committee that an announcement would probably come in the first two weeks of April after he had previously indicated it would come before the end of this month.

The regulator is investigating the sale of ING's diversified yield and regular income funds breached the Fair Trading Act.

The funds collected some $700 million from about 14,000 investors before being frozen in March 2008. "We've had to amend the timetable" due to the clash, Berry told the parliamentarians.  "That decision on ANZ/ING will now be in the first fortnight of April."  

About 98.5% of investors in the frozen funds accepted an offer from ING that saw them receive 60 cents in the dollar for investments in the diversified yield fund, and 62 cents in the case of the regular income fund, though they had to forgo any right to legal action.

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@first time caller - I can see the complexity you highlight, but as above, investors should be able to see what they are paying without having to reference multiple documents. Investment admin can track and report deductions for tax, withdrawals, fees et al, would be /should be straightforward to aggregate advice fees into costs at member level... at least I hope so.
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