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ASIC and Colonial Mutual work to resolve unit pricing concerns

THE Australian Securities and Investments Commission has accepted an enforceable undertaking from the Colonial Mutual Life Assurance Society regarding irregularities with unit-linked investment options offered by the group. ASIC said the company advised it that some unit prices in the unit-linked investment options managed by CMLA were wrong due to the incorrect allocation of imputation tax credits, the incorrect treatment of tax allowances, other tax related problems and processing irregularities. Investors in some superannuation funds, deposit funds, master funds, and master trusts were provided with incorrect information concerning their investments including incorrect account balances and incorrect withdrawal amounts. CMLA has since rectified the unit prices and made restitution to investors in connection with a number of the issues.

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