Weekly briefs
Tower closes two funds to new money, Ergo goes banking, Independence complaint not upheld.
Monday, March 23rd 1998, 12:00AM
Tower puts two funds into hibernationTwo of Tower Trust's funds are being put into a state of hibernation due to a lack of support over recent months.
The company has decided, for the present time, not to register a prospectus for its Capital Protection Plan and its Flexible Income Fund.
The decision not to register a prospectus means the funds are closed to new investors, however it will be business as usual for current investors.
Marketing manager Julie Bridge says Tower will be reviewing these funds over the next three months with a view to how they will continue within our "Family of Funds".
Ergo goes banking
The bank, which isn't a bank, is about to become part of a bank. Confused? Don't be. AMP has been granted Australian approval for a banking licence that will enable it to offer a wider range of financial products.
Its direct selling mortgage businesses, PriorityOne in Australia and Ergo in New Zealand will form part of AMP's banking operation.
While Ergo will be part of the bank, it has recently stopped trying to sell investment products over the phone as buyer require advice.
AMP expects its banking licence to be operational within the next two months.
Complaint not upheld
The Advertising Standards Complaints Board has declined to uphold a complaint by IPAC Securities that fellow researchers FPG Research was not independent.
Earlier the board had decided any adviser who receives fees or commissions from product providers could not be described as independent.
In a written decision, released publicly on Friday, the board accepted FPG's argument that it was not a financial adviser, therefore was not covered by its earlier ruling.
It "expressed some concern as to whether the complainant was fully conversant with the relevant legislation" and suggested the "complaint boarded on frivolous."
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