Banking Ombudsman: Receiving Offers on ING Funds

Media Release

Banking Ombudsman Invites Calls from ANZ Customers Receiving Offers on ING Funds

The Banking Ombudsman, Deborah Battell, said today that ANZ customers who invested in the ING Regular Income Fund (RIF) and Diversified Yield Fund (DYF) and who have received offers of additional compensation from ANZ, are welcome to contact her office to discuss these offers.

Ms Battell said that she has become aware that some investors have felt pressured by the 21 day period to accept offers. “Investors are concerned that, if they come to the Banking Ombudsman, they will lose the Bank’s offer altogether if they do not accept it within 21 days.”

“It is most unlikely that investors will lose by coming through the Banking Ombudsman’s Office. Investors have a right to apply to the Banking Ombudsman for an assessment of their offer. If the Banking Ombudsman finds that the offer should have been higher then her recommendation will be binding on the Bank, irrespective of the 21 day deadline,” Ms Battell said.

“If people who invested in ING through the ANZ have any concerns about the process, or the risk that they will lose their right to additional compensation if they come through the Banking Ombudsman’s Office, they should ring us on 0800 805 950 within the 21 day timeframe. Our staff will discuss individual circumstances with investors and help them assess their risks,” Ms Battell added.

ENDS

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