An investigation by the Banking Ombudsman into 431 complaints from ANZ customers who invested in the troubled ING fund has found that some ANZ advisers gave different advice
But the Banking Ombudsman, Deborah Bartell, says she cannot say whether one group of investors was treated differently from another.
A spokesman for the Frozen Funds protest group, Gerard Prinsen, says advisers were telling wealthy private investors to get out of the fund, while small investors were told to hang tight.
About 14,000 small investors are still waiting to see if they'll get their money back from ANZ after the failure of the $400 million ING fund in March 2008.
So far, only 60% of the money has been returned.