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
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
