Friday, June 19, 2009

ING & ANZ duped "investors" can take their own action

Unfortunately this is about financial skulduggery again.

This time regarding ING and ANZ fund's products that have been frozen had investors put in financial limbo until they can decide whether to accept ING's latest offer of 60 or 62 cents in the dollar and five years in an ANZ call account at 8.3% , take matters into their own hands and take legal action or continue to hold units in their respective funds.

This is because it seems the Commerce Commission/Securities Commission doesn't have the balls/motivation to do anything about it in a sufficiently expedient manner.

Depending on the level of duplicity or what most would consider fraud, that your advisor/ING or ANZ sold you these higher risk products in the first place, if any, will motivate you to take your own action.

Most will probably opt to take the money and run but not me.

If you have been falsely sold a product and you have documentation then you have a case, you don't have to wait for various lobby groups or any Commission to do anything on your behalf.

Depending on your level of investment you can take a case to the disputes tribunal up to $7500 with scope to increase that figure if agreed upon between the two parties. It will cost you 50 bucks.

A breech of the Fair Trading Act is where you should start but consult a lawyer and if you cant afford one go to your free community lawyer through the Citizens Advice Bureau

If your investment is a large one you have a case against the defendant but it will cost you to go to court.

If you got your advice from ANZ your beef is with them NOT ING and if it is an "independent" financial adviser, you go after them. Straight from ING, you go after those bastards.

Too many of these pricks have got away with shoddy and corrupt financial practices in the past and it is time someone took a stand and made an example of these ***ts.

Timetable for ING/ANZ investors

* Investors have until Monday, July 13 to decide on ING's proposal.

* Investors who went through the ANZ Bank have until July 31 to make a formal complaint.

* Investors who accept the offer should gain access to their money by August 28.

* Those who don't accept the offer will continue to own units in the funds.

* Investigations by the Commerce Commission are ongoing but won't be completed by the decision deadline.

* Complaints have also been made to the Securities Commission asking it to delay the offer until the Commerce Commission has ruled but the commission said yesterday it had no ability to stop the offer going ahead because the offer is not misleading or deceptive.

Related Links

Citizens Advice Bureau
Disputes Tribunal
Fair Trading Act

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