18 Mar 2010

Compo of $15m for ING fund customers

1:44 pm on 18 March 2010

The office of the Banking Ombudsman has negotiated or recommended compensation worth more than $15 million to customers who invested in two frozen ING funds.

About 13,000 people invested in the Diversified Yield and Regular Income Funds promoted by ANZ, which were frozen in 2008 as their values collapsed amid the global credit crunch.

In her first newsletter since taking over as Banking Ombudsman last year, Deborah Battell says the investigation of complaints about the sale of the funds continues to dominate the office's workload.

Ms Battell says about 310 cases are being reviewed, or awaiting review, and it expects to receive another 50 from ANZ.

She hopes to completed most of the reviews by the end of June, but so far, the office has negotiated or recommended payment of more than $15 million in compensation.