Date: August 2023
The purpose of this page is to inform clients of the current remediation campaigns being managed by OneVue Wealth services Ltd (OneVue Wealth), a wholly owned subsidiary of Iress.
This page intends to keep clients updated with remediation campaigns, their progress and provide impacted clients a source of truth which will help them to validate any communication they receive from OneVue Wealth.
Where Iress or its subsidiaries have made errors, the businesses will work hard to correct these instances. Where clients have been impacted, the goal of any of Iress’ remediation campaigns is to return clients back to the positions they would have been in, should the error not have occurred.
On 16 June 2020 an administrative error occurred which resulted in an excess of cash in certain products of OneVue Wealth over what had been attributed to account holders.
OneVue Wealth has conducted a thorough review into the circumstances of the error, and the time lapse between the error and this remediation. This review has been conducted in line with regulatory requirements and has led to a change in our operational controls and reporting.
OneVue Wealth has made the decision to apportion these funds to identified accounts that were current and based on relevant assets on 16 June 2020. An amount for foregone earnings has been added to take into consideration. The foregone earnings were calculated by reference to the RBA overnight cash rate plus 6% compounded monthly.
OneVue Wealth has engaged an independent expert to review its approach to rectifying this error and they have confirmed that its approach aligns with relevant regulatory requirements.
If your account is impacted and you hold an open account, no information or action is required from you. You will receive a communication from us and we will pay the amount directly into the open account.
If your account is impacted and you no longer hold an account with us, we will pay the amount to your bank details on file. The communication to you will state the details of updating your bank details if required.
If your account is impacted, you no longer hold an account with us and we do not have your bank details on file, you will need to provide us with your banking details for this payment to be made. The communication to you will state the details of providing your bank details.
If our attempts to contact you have been unsuccessful , and the payment cannot be made due to unavailability of your bank details, we may lodge the funds as unclaimed money, where appropriate. Where the submission threshold for unclaimed money is not met ($20) under the relevant unclaimed money regime, we will make a payment to a charity or not-for-profit organisation registered with the Australian Charities and Not-for-profits Commission (ACNC).
If you later come forward to claim funds, you will remain eligible to claim the amount owed to you.
There may be tax implications for you as a result of this payment. We recommend you seek advice from your accountant, tax advisor or registered tax agent to determine the appropriate tax treatment. The Australian Taxation Office (ATO) provides general information on compensation paid from financial institutions.
If you have any questions or concerns about the communication or payment you have received, you can get in touch with our team who are ready to help. Their contact details are on the relevant communication we sent to you. If you need to speak to one of our representatives directly, you can do so by calling on 1300 862 862.
Should you be dissatisfied with the outcome of the administrative error, or wish to lodge a complaint in regards to our remedy of this situation, you are able to raise your concerns to Iress via a number of channels including:
M: Level 16, 385 Bourke St, Melbourne, VIC 3000
P: 03 9018 5800
Upon receipt of your complaint, our teams will provide you with a complaint acknowledgment and will look to investigate your complaint thoroughly and provide you with a response within a reasonable timeframe. Further information on the Complaint Handling Process can be found on the Iress Website.
You can also contact the Australian Financial Complaints Authority (AFCA) on 1800 931 678 or firstname.lastname@example.org if you would prefer not to discuss your concerns with us or if you are still unsatisfied after contacting us. You can find out more information by visiting the AFCA website.
We will post updates here in relation to this remediation.
Update Monday 11 September: Clients with inactive Investor Service (non-super) accounts now have until close of business 25 September 2023 to update their bank account for the remediation payment by way of completing the Nominated bank account form and emailing it to email@example.com.
Iress is a technology company providing software to the financial services industry.
Our software is used by more than 10,000 businesses and 500,000 users globally.