ASIC extends mortgage fund payments relief
|
|
The Australian Securities and Investments Commission (ASIC) has expanded the circumstances under which the operators of frozen mortgage funds can make payments to fund members suffering hardship.
The regulator announced this week that the cap on hardship withdrawals for each member had been raised from $20,000 to $100,000 a year, with investors able to make up to four hardship withdrawals a year instead of just one within the new $100,000 cap.
As well, the regulator announced an extension of the definition of hardship to cover beneficiaries of deceased estates and those unemployed for at least three months and who do not have other means of support.
Commenting on the changes, ASIC commissioner Greg Medcraft said the relief had been extended to pick up special situations where the industry considered that further discretion for relief was needed.
AUTHOR
Mike Taylor
Recommended for you
ASIC has banned a Melbourne-based financial adviser who gave inappropriate advice to his clients including false and misleading Statements of Advice.
The number of active advisers on the HUB24 platform has risen to more than 5,200, helping it see quarterly inflows of $5.2 billion.
ASIC has banned a Melbourne-based financial adviser for eight years over false and misleading statements regarding clients’ superannuation investments.
CFS has formed a strategic partnership with the University of Sydney to support the responsible development of AI solutions in the wealth management sector.
