Multi-billion Aussie funds still frozen
Hundreds of thousands of Australian investors are still unable to access about $25 billion of their savings, which have been fully or partly frozen in funds that were locked down.
The Australian Securities and Investments Commission (ASIC) agreed late last year to allow investors meeting hardship guidelines, to apply to ASIC for a one-off lump payment from their funds which would allow access to $20,000 plus half of the remaining balance of their funds.
The Investment and Financial Services Association (IFSA) has been in touch with the ASIC seeking the flexibility for fund managers to release money directly to investors suffering hardship without the necessity of having to apply to ASIC on an individual basis.
IFSA chief executive, Richard Gilbert, told The Australian newspaper that ASIC had so far not responded to the industry’s concerns.
An ASIC spokeswoman said her organisation was working with the industry to see what could be done to unfreeze the billion dollar funds.
