Changes to investment services provided by the Public Trustee from 1 July 2019
The Public Trustee currently accepts money from a variety of approved investors under Section 29 (1)(b) of the Public Trustee Act 1995.
From 1 July 2019 the Public Trustee will cease to accept any new deposits.
The investment service will be fully phased out over the period 1 July 2019 to 30 June 2021.
Customers that will be affected by this change will be required to withdraw their funds by 30 June 2021. Reinvestment instructions that relate to current investments will remain unaffected.
The extended closure period is to provide customers with sufficient time to seek accounting and taxation advice and to consider and arrange an alternate investment provider.
The provision of financial investment services to private individuals and organisations is not the role of the government or the Public Trustee. These services are readily available through banks and investment companies.
Customers are encouraged to seek appropriate advice regarding future investment options and make arrangements to withdraw investments by June 2021.
If you have any queries please call 8226 9200 or our SA Country Toll Free Number 1800 673 119.