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The difference with this measure is there will be a massive number of individuals who are eligible, far far more than the standard Hardship provisions which are difficult to satisfy. They are saying at this stage you don't even need to submit evidence that you are eligible, you just have to 'self-certify'. It's this fact, compounded by a sudden fall in prices, further compounded by these funds holding illiquid assets, which will need to be written down. And, further compounded for those industry funds with low average balances, with many members who will take advantage of the $20k w/d.I hope these arrogant industry funds will quit with their 'compare the pair' marketing campaign. We are seeing the real truth come out now. They took excessive risk with their members money, and at the same time used member funds to pay for huge marketing campaigns bragging about their performance.
The difference with this measure is there will be a massive number of individuals who are eligible, far far more than the standard Hardship provisions which are difficult to satisfy. They are saying at this stage you don't even need to submit evidence that you are eligible, you just have to 'self-certify'. It's this fact, compounded by a sudden fall in prices, further compounded by these funds holding illiquid assets, which will need to be written down. And, further compounded for those industry funds with low average balances, with many members who will take advantage of the $20k w/d.
I hope these arrogant industry funds will quit with their 'compare the pair' marketing campaign. We are seeing the real truth come out now. They took excessive risk with their members money, and at the same time used member funds to pay for huge marketing campaigns bragging about their performance.
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