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Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 44852
Experience:  BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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I have an issue with unclaimed money held by MLC Wrap

Customer Question

Hi I have an issue with unclaimed money held by MLC Wrap Investments. Issue is my partner and I separated, all financial matters were resolved via court process. After this MLC advised they had overcharged us $107.81 on a joint investment a/c. The refund cheque was in joint names and I returned it as it could not be banked unless the bank a/c was in same names. I requested they forward me half the amount in my name and was told this is not possible. They told me they contacted partners' parents; unsure what has happened with that. Now MLC want to send money to SRO unless I can contact ex and get her authority to do something???
JA: What state is this in? And just to clarify, when was the purchase made?
Customer: Queensland. Not sure of the commencement date would have been late 1990's - early 2000. A financial planner set up the investment and was shifting funds often.
JA: Has anything been filed or reported?
Customer: ?
JA: What confuses you?
Customer: What filed or reported?
JA: Anything else you want the lawyer to know before I connect you?
Customer: Well not sure what else is relevant.
Submitted: 2 months ago.
Category: Australia Law
Expert:  Leon replied 2 months ago.

Hi, I am Leon, a NSW Solicitor. I will be assisting you with your question. If you choose a telephone call, you will be charged an additional fee.

Expert:  Leon replied 2 months ago.

Good Morning

Did the orders refer to this account?

Dp the orders say that it is to be split between the 2 of you with each receiving a half share?

Customer: replied 2 months ago.
split was 60/40 me/Barb.
Customer: replied 2 months ago.
I told MLC I am happy with 50%. They said this was not possible? They have been unable to get Barb to reply and now they expect me to find her. The split was not without some bad feelings.
Expert:  Leon replied 2 months ago.

If the account is mentioned in the orders you should send them a coy of the orders from the court and that is enough evidence to give them the right top split the money giving you 60%

Unless they have the orders or the consent from your ex they cannot release the money in any other percentage but 50/50 as that is how the account was held.

The orders should be enough to get it finalised. Have you sent them a certified copy of the orders?

Customer: replied 2 months ago.
No. They did not explain that.
Expert:  Leon replied 2 months ago.

Good Morning

The orders are enough to cover this.

You should deal with this in writing and keep copies.

have the orders copied and the copy certified. Send them to MLC and advise that the money is to be divided in the following shares in accordance with order X in the attached orders.

They should then release it. if the refuse then you can take them to the Ombudsman.

But you have to give them the orders.

I hope this makes sense and is of assistance. If you wish a phone call please elect for one but be aware it will be an additional fee. If there is nothing further thank you for using my services.

If I have missed anything, or you have any further questions please let me know

If there is anything else in the future please do not hesitate to ask.

Please do not forget to leave positive feedback.

Regards
Leon