In our Spring Edition of Investor Returns we introduced the possibility of changes due to regulation and promised to keep you informed of regulatory changes as they are confirmed and what they will mean for you and UC Invest.
At the time of publishing the Spring Edition, we received confirmation of changes from the Australian Prudential Regulation Authority (APRA) but had not received the final regulation changes from the Australian Securities and Investment Commission (ASIC). After several years of discussion papers, in late September, ASIC published their Regulatory Guide 87 Charitable Investment Schemes which UC Invest operates within.
After the long process, the approved regulations contained several conditions which had not been included in previous drafts or discussions. These additional conditions have required further examination to ensure UC Invest understands fully the regulators conditions and exemptions.
UC Invest have engaged legal expertise to assist it making the right decisions for its clients and for the Uniting Church community.
2017 will be a year of transition.
UC Invests existing clients and accounts can continue to operate as normal, with no changes during 2017.
However in 2017, UC Invest will be unable to open new at call accounts for personal clients - either for existing or new clients. Instead we will be offering short term fixed investments with terms as low as 31 days (at our usual great rates).
As we work our way through approval and adoption of new regulations, we will continue to keep you up to date with the developments and any changes. We look forward to continuing to serve you and our community for many years to come.
Please feel free to contact our of office if you have any queries.
