13 Apr 2009

Protests likely over investment funds sold by bank

4:35 pm on 13 April 2009

Investors in two failed funds sold by ANZ National Bank say protests outside branches in the main centres are now likely.

The Commerce Commission and Banking Ombudsman are investigating the bank and its fund manager, ING, to see whether two now-frozen funds were mis-sold to about 8,000 investors.

Investors say the two funds, sold as medium to low risk, were in fact much more speculative.

Now an organisation called the Frozen Funds Group is calling for investors to receive all of their money back. It says a protest outside a branch in the Nelson region could be followed by action outside branches in the main centres.