Following concerns raised by the Australian Securities & Investments Commission (ASIC) and a subsequent review, ING DIRECT found that some Living Super customers may have understood that the interest paid on their cash options would be eligible for ING DIRECT’s highest variable savings rate, including any bonus rates. This is not the case as interest rates for Living Super are set independently.
However ING DIRECT believes it could have been clearer in the communications and has decided to credit customers any difference. The total amount that will be credited to customers by September 30 is approximately $5m. The total number of customers is more than 24,000.
ING DIRECT is writing to all Living Super customers to explain the action and let customers know how much they will receive.
More than 50,000 people choose Living Super for their retirement savings.
ING DIRECT prides itself on simple and easily understood products and is committed to doing the right thing by its customers.
