A group of financial advisers is calling for the major financial group ING to restore its tarnished brand, and offer more than what is being described as an insulting rescue plan.
ING wants to wind up two suspended funds which were worth hundreds of millions of dollars and have about 8,000 investors.
The Diversified Yield Fund and Regular Income Fund were worth $520 million when they were frozen in March, and their value has since fallen to $274 million. In November alone, unit values slumped by around 30%.
One of the group of advisers, Paul Markham from Independent Investment Brokers, said ING sold the investment as low risk to moderate risk and the company must stand behind the product.
Paul Markham said the companies behind ING have very deep pockets and need to act to support their investors.
ING said it is still finalising details of its proposals for the funds.
