Response received today from my Aus Super regarding my complaint that IMUOE have not been allocated to my Member Direct holding. They are selling all IMUOEs on market and members will be refunded with cash back to their super balances. A bold call I thought without member consultation. Gee I wouldn't want to see what might happen if the SP did take off and they've force sold Member Direct holdings for a pittance. I am documenting all this as it may become important later on. I encourage other affected members to also document, just in case.
Here is exactly what they had to say:
"We have further reviewed your concerns with other stakeholders and referred the issue to the broker (FNZ) and confirm, we are unable to facilitate the holding of complex assets such as options it can neither support the exercising options. The options are not a security that is available on Member Direct. Since options is not available for the members under Member Direct, the Trustee via the vendor and custodian will organise the selldown of these options and entitled members will be paid cash once completed. Please note, we have started the process, but it is taking some time as the market is varying for these options."
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Response received today from my Aus Super regarding my complaint...
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