Nick Bruining: How super bad investment sale timing cost Madeley retiree Ray Taylor and his wife $40,000

The crackdown on super fund trustees not acting in a member’s best interests can’t come soon enough for Madeley retiree Ray Taylor.

The actions of Australian Securities Exchange-listed Insignia Financial saw Mr Taylor and his wife lose about $40,000 when an investment option in their IOOF superannuation fund was closed and the underlying assets sold at close to market lows.

Insignia also owns the MLC and Plum super brands.

In May last year, Mr Taylor received notification that an IOOF investment option he was invested in — Profile 75 — was to be closed. The investment arm of IOOF operates separately from the IOOF superannuation fund.

“The letter arrived in late May and was dated the 23rd but they had already frozen the funds on May 12. There was no warning this was going to happen, they just stopped us accessing our own money without our knowledge or permission,” Mr Taylor said.

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