About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Wednesday, September 18th, 3:32PM
rss
Latest Headlines

ANZ stands by CDO fund sales

ANZ has denied claims its financial advisory network mis-sold the two ING credit fund that were frozen last week leaving roughly 8,000 investors unable to access their money.

Thursday, March 27th 2008, 6:37AM

by David Chaplin

According to an ANZ spokesperson, the bank's salaried advisers have no product sales targets and "their remuneration is not influenced by the products that they recommend to clients".

"ANZ remains confident that it has recommended the ING Regular Income Fund and Diversified Yield Fund to clients in the appropriate manner and consistent with the documentation issued by the product provider," the spokesperson said.

However, the bank would not reveal how much was invested in the two ING credit funds through its advice channel.

Reports in the New Zealand Herald this week suggested a number of clients were seeking redress through the Banking Ombudsman after investing in the ING funds on the advice of ANZ financial planners.

Liz Brown, the Banking Ombudsman, said the complaints body is currently examining about 10 investment-related cases, which is "slightly more than normal". Brown said she could not talk about the details of any unresolved complaints but expected there would be some determinations in two to three months.

"We can only deal with investment cases if there has been mis-representation at the time of sale or if the products were not suitable to the clients," she said.

It is understood a number of disgruntled financial advisers are also concerned about how the ING credit funds were represented to them.

According to one adviser, the group is focusing on several factors including: how the credit products were described; what the CDO funds should replace in a portfolio; who the credit funds were suitable for; how much could safely be invested; and, what was the downside risk of investing in credit products.

The adviser said many financial planners aligned to ING/ANZ used allocations to the two CDO funds recommended by Morningstar/Strategi that ranged from 25% (for defensive investors) to 8% for more aggressive clients.

« Super Fund ends relationship with FisherSovereign takes regulation bull by the horns »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.15 4.09 4.49
ANZ Special - 3.65 3.59 3.99
ASB Bank 5.20 4.15 4.09 4.39
ASB Bank Special - 3.65 3.59 3.89
BNZ - Classic - 3.65 ▼3.54 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
Housing NZ Corp 5.19 ▼4.15 ▼4.09 ▼4.39
HSBC Premier 5.24 3.35 3.35 3.35
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.65 3.85 3.95 3.89
Kiwibank 5.80 4.30 4.34 4.74
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.55 3.59 3.99
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.69 4.79 -
Resimac 5.30 4.86 4.14 4.19
Lender Flt 1yr 2yr 3yr
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.69 3.69 3.99
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.65 3.59 3.99
The Co-operative Bank - Standard 5.15 4.15 4.09 4.49
TSB Bank 6.09 4.65 4.59 4.85
TSB Special 5.29 3.85 3.79 4.05
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.34 - - -
Westpac Special - 3.65 3.59 3.99
Median 5.35 4.15 4.09 4.19

Last updated: 16 September 2019 10:03am

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com