ACT New Zealand Finance Company Spokesman John Boscawen today urged ANZ to give investors more time to lodge complaints around ANZ/ING’s Diversified Yield Fund and Regular Income Fund following Banking Ombudsman Liz Brown’s appearance before the Commerce Select Committee.
“According to Ms Brown, many ANZ/ING investors have delayed lodging a complaint because they are ashamed of the situation they have found themselves in,” Mr Boscawen said.
“In fact, some of these investors are only now informing their families that they have lost this money – so great is their embarrassment and humiliation in losing, what is for some, their life savings.
“But should ANZ extend its complaints deadline from July 31 to September 30 these investors may have some chance of recovering more of their money, with Ms Brown stating that if investors’ complaints are upheld, they will receive $1 for every dollar invested plus interest – potentially doubling the 60-62 cents in every dollar invested that ANZ/ING has agreed to refund.
“Given that ANZ has already been found to have misled more than two thirds of complainants adjudicated to date, it is highly likely that other complaints will be upheld.
“If ANZ is to have a hope of recapturing the trust of its customers and the wider public, it must show itself to be responsible and accountable. ANZ should extend the complaints deadline – its reputation depends on it,” Mr Boscawen said.
Tags: Finance Companies