ASIC extends hardship relief for frozen funds
The Australian Securities and Investments Commission (ASIC) has provided hardship relief for frozen funds that are in the process of winding up.
ASIC will facilitate operators of frozen funds making hardship payments to members.
The relief is an extension of that granted since October 2008 to improve investor access funds.
Relief can be provided on hardship grounds (eg, if the member is unable to meet reasonable and immediate family living expenses), compassionate grounds (eg, if that the member needs to meet medical costs for serious illness, funeral expenses or to prevent foreclosure) and permanent incapacity. Relief can also be provided if the member is unemployed for at least three months without other means.
There is a cap on hardship withdrawals for each member of $100,000 each calendar year, and an investor can make up to four hardship withdrawals each calendar year.
Recommended for you
Adviser losses this week are quadruple the same period a year ago, with the industry falling into negative territory for the last 12 months.
Colonial First State has announced the latest manager to join its Edge managed accounts menu, focusing on providing investors with a strategic income.
Rising advice fees has prompted Radar Results to increase its price guide to a minimum of $3,000 per client to reflect the changing shape of the adviser landscape.
Investment consultancy Ascalon Capital has appointed a new partner, who joins from 20 years at Zenith Investment Partners, as well as a new chief executive amid a “bold new chapter” for the firm.
