Unfreeze mortgage funds, says Senator
The Federal Opposition has called on the Government to clear the way for mortgage fund investors to retrieve their money from still-frozen funds.
Queensland Liberal Senator Sue Boyce said she had written to the Minister for Financial Services, Chris Bowen, urging that the funds be unfrozen.
She said the freezing of the mortgage funds had been necessary because the Government had bungled the bank guarantee, but with the economy now showing signs of recovery, the justification for keeping investors’ funds frozen no longer existed.
Senator Boyce pointed out that the Australian Securities and Investments Commission had told the Parliament that since October last year there had been 2,786 applications to withdraw funds, of which 2,293 had been allowed, translating into a total of $99 million in applications, of which $58 million had been paid out.
AUTHOR
Mike Taylor
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
