Whats in a Name? ING changes to OnePath to Escape Dubious Past

Interesting the name change from the old ING financial services company to OnePath Ltd has come under the radar of most:



Australia & New Zealand Banking Group, the country's biggest lender, rose 0.2% to $30.55 after it said it was bringing the old ING New Zealand Ltd unit in-house a year after the Australian parent bank bought the remaining 51% of the trans-Tasman funds manager it didn't own.

OnePath Ltd, the new name for the ING unit, has been rolled into the bank's ANZ Wealth group, centralising the lender's insurance, funds management, private banking and investment arms under one umbrella.

As part of the deal, Helen Troup, who headed up the former ING units will leave the business after two years at the top. ANZ's John Body will take charge of the merged unit from next week.
TVNZ, Nov 9 2010

The name change happened back in August and I was reminded of it again yesterday when I saw their glossy new TV ad.

We must be reminded though that ING/ANZ investors were duped into buying into highly risky funds after being told by their teller at ANZ, their investment advisers or ING directly that they were getting low risk investments, and many investors in funds of the formerly named ING have lost millions as a result of that poor investment advice.

Changing its name from ING to OnePath Ltd doesn't change anything material. The same people - bar a bit of surface shuffling of management - are still there and their financial services training, if they have had any at all, is still sadly wanting. By implication you will get the same sort of poor advice from OnePath that you have been getting from ING.

All the glossy TV advertising and media PR will not hide the fact that 10s of millions of dollars of investor money has been lost and ANZ/ING/OnePath still refuse to admit fault and recompense customers for their incompetence.

Restitution should be made before "moving on" by changing its name and hoping the public is going to forget the past.

Unfortunately I think many will be sucked in, again.

Let this be a reminder.


ING/ANZ scam @ Share Investor

ING/ANZ Deadline not necessarily the end
ING & ANZ duped "investors" can take their own action
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c Share Investor 2010

ING/ANZ Deadline not necessarily the end

The deadline looms at the end of business today for those investors embroiled in the ING/ANZ fraud where some investors were duped into buying into highly risky funds after being told by their teller at ANZ, their investment advisers or ING directly that they were getting low risk investments, to accept on offer from ING/ANZ of 60c in the dollar in return for their silence.

Methinks that most investors would have signed up for this as many are elderly and/or ignorant of other alternatives. Once these people have accepted ING/ANZ's measly offer they could be signing away their rights to take action against those that are culpable, for ANZ/ING has required them to sign a waiver against action of any kind, or even speaking about it, if they accept their offer.

Having said that, given that individuals are signing under a form of duress then any legal rights they may have waived by signing could be argued against in a court by a multi-party action.

I argued other alternatives a month or so back but acceptance of the offer that closes at 5.00pm today could be a good bet given that the Fair Trading Act and Consumer Guarantees Act are strong laws that can be used to trump any flimsy legal waivers signed under force or some form of duress, as is the case here.

Since my last column on this subject I have become aware of two other distant friends who have respectively lost NZ$ 800,000.00 and $2 million dollars in this scam.


Timetable for ING/ANZ investors

* Investors have until Monday, July 13, 5.00pm 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.

Timetable from NZ Herald


ING/ANZ scam @ Share Investor

• ING & ANZ duped "investors" can take their own action
• Scam Watch: Helpful Investor Tools

Discuss this Topic @ Share Investor Forum


Related Links

Citizens Advice Bureau
Disputes Tribunal
Fair Trading Act


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$32.99 from Fishpond - 13% off.


c Share Investor 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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c Share Investor 2009

Time for Retirement?

Two new Retirement Home Village operators are going to list on the NZX in the next few months. Last week AMP announced the floating of their Retirement unit and today ING have announced that their two village's are on the block for a float to the public.

When these two operators are listed it will bring the number of listed retirement home operators to four.

These IPOs' are part of a wave of activity sweeping the retirement village sector.

CVC Partners said last month that it was looking at selling Guardian Healthcare and Goldman Sachs JBWere's private equity unit is rumoured to be looking to float, sell or raise new capital for its Vision Senior Living group.

The two IPO's also have a connection of sorts. NZ First Capital, who are floating Summerset and Forsyth Barr, who is floating ING's retirement unit, got together to float the abysmal IPO failure, Feltex, a few years ago. Reminders of overvaluations , high debt and creative accounting still resound in the investment community from that fiasco.

The ING groups' village's are by far the smallest by number of units at around 150 with only two properties, while AMPs' Summerset has 11 village's and over 1500 occupants.

ING are asking for $NZ100m while AMP are looking at 300m.

Ryman Healthcare [RYM.NZ], the biggest listed Retirement operator, has a market cap of over 1B and Metlifecare[MET.NZ]around 700m.

Ryman Healthcare has today just reiterated its profit growth for the current year at around 20%. It has been growing at this rate for many years and seems confident that it will grow at this rate for years to come.

At first glance AMP's Summerset looks like a great opportunity to get into this industry, which is growing rapidly as the population gets older. How good the offer really is will only become fully apparent as we get a look at the prospectus in a few weeks time. Until then we can reserve judgement.

On the other hand the ING offer I have some problems with. While ING is a highly reputable company, the track record of some of the participants may give cause for some restraint before plunking down your moola. Colin Reynolds was the head of the pyramid "property development" company Chase Corp which went bust in the 1980s, while Robin Congreve was involved with Fay Richwhite during the Winebox tax fiasco. Beware.

One of their villages is also 20 years old so may need some capital to fix up the paintwork and spruce up the surroundings and decor for the 21st century.

The retirement sector looks set for good growth for some years to come. With good margins and rapidly increasing and also affluent population. The baby boomers, when they do decide to relinquish their hold on the rest of us, will provide a mini-boom in this industry in 10-15 years.

The added bonus of consolidation as the players in this sector get more numerous is an added attraction. Currently the majority of retirement home living is being done by individual owners of villages, that is, operators owning just one village. Good assets are always up for sale.

Of course no investment is without risk and the retirement sector, like every other one, cannot continue to grow unabated the way it has. It will have its ups and downs.

Post prospectus of AMPs' Summerset, if the figures and management look good, I am going to buy as much as I can. If it is the golden egg that I think it is then demand is going to far outstrip supply.

Burger Fuel eat your heart out.

DISCLOSURE I own Ryman Healthcare shares

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c Share Investor 2007