ACT Welcomes Labour Support on ING/ANZ
John Boscawen MP
ACT New Zealand

Immediate Release: Monday, July 13 2009

It is heartening to see that Commerce Select Committee Chair Lianne Dalziel has joined me in my campaign to ensure that New Zealanders who have lost money through the ING/ANZ Diversified Yield or Regular Income Funds are able to recover their losses should the Commerce Commission find that ING/ANZ misled investors, ACT New Zealand Finance Company Spokesman John Boscawen today.

"Just days ago, Ms Dalziel announced that she will submit a Private Member's Bill to protect the rights of the 14,000 investors that have lost money through these funds should ING/ANZ be found culpable," Mr Boscawen said.

"Of those investors, 2,800 invested through ANZ and to date approximately 450 have lodged a complaint with the Banking Ombudsman. The Ombudsman has upheld two thirds of the complaints received.

"ANZ investors who have accepted today's offer will now have only until July 31 to lodge a complaint with the Banking Ombudsman. Investors who miss that deadline will be deemed as having waived their right to recourse. In addition complainants who settle with ING/ANZ today will lose their right to further reimbursement should the Commerce Commission rule against ING/ANZ.

"This is completely unfair, and I have been working to protect the rights and interests of those who invested with ING/ANZ in good faith. I have been trying for some months to get the Commerce Committee to hear from investors who have lost money over the past two years from failed investments, with no success.

"With Ms Dalziel's support, however, this should change. I have today written to her, and other Select Committee members, urging that this be added to the agenda for our meeting scheduled July 23.

"Notwithstanding that Ms Dalziel may not have completed drafting her proposed Bill or that it is yet to be drawn from the Ballot - there is no reason why the Commerce Committee cannot hear evidence on the proposed Bill and the issues that relate to it or from investors at our next meeting on July 23.

"The Commerce Select Committee cannot ignore this issue any longer," Mr Boscawen said.

ENDS

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