ING advisers being quizzed by commission

The Commerce Commission has moved on to interviewing financial advisers as part of its investigation into the possible mis-selling of two ING credit funds but cannot say when it expects to complete the investigation.

The commission began investigating ING and the ANZ National bank late last year over the way the Regular Income and Diversified Yield Funds were sold and has talked to investors around the country.

But now financial advisers say they are also being questioned with some facing a list of up to 40 questions.

Malcolm Eves, a financial planner at Hawkes Bay's Eastern Asset Management, who backed investors to try to get a full product recall and repayment of their money, said he would talk to the commission today.

"Some financial advisory firms have been questioned quite extensively," he said.

A commission spokesperson confirmed it was talking to independent financial advisers.

The ING funds were frozen in March 2008 with more than $500 million of investors' money locked in.

In May ING made an offer to buy investors out of the funds, paying them out 60c per DYF unit and 62c per RIF unit as long as they signed a waiver agreement not to take or benefit from any legal action undertaken in relation to the funds.

Of the estimated 13,000 investors 99 per cent agreed to it. However two parties are understood to be pursuing legal action after keeping their units.

Investors spokesman Gerard Prinsen said the Frozen Funds Group had also kept some units to keep track of the funds but was pinning its hopes on political forces overturning the waiver.