The Bank of New Zealand's investment management unit has admitted that the wrong tax values have been applied to several million dollars invested in five managed funds, representing a total of $430 million, according to reports in the national media this week.
According to the bank's head of corporate affairs, Alan Adcock, about $1.3 million in BNZ's $130 million balanced fund and active growth fund had been given the wrong tax values. Additionally, some $6 million in the bank's $300 million future lifestyle plan's conservative growth fund, dynamic growth fund and balanced growth fund had also been given the wrong tax values.
Consequently, a "comprehensive review" has been initiated by the bank, Mr Adcock confirmed. He was quoted by the New Zealand Herald as announcing that the investment arm was taking "steps to correct this and intends to ensure that customers' investments will not be adversely impacted."
In the meantime, the bank has ceased to accept further contributions to the funds in question, and has stated that any customers affected by the error will be compensated. Mr Adcock added that investors who had gained from past withdrawals will not be required to pay a refund.
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