1300 039 390An information sheet detailing the performance of Common Fund No. 3 has been published by FIC.
Author: Amy Sparkes
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New CF-3 Quarterly Fact Sheet
November 10, 2015
New CF-3 Quarterly Fact SheetThe Common Fund No. 3 Quarterly Fact Sheet for September 2015 is now available in our Publications Section.
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FIC Newsletter – August 2015
September 17, 2015
ISSUE 16: August 2015
Features: Beneficiary Focus Group, Variations to Victims of Crime Assistance Tribunal Award, Courts Open Day – 16 May 2015, Funds in Court Silent Auction, Advances in Technology, Farewell to Trish Blundell and Funds in Court Website.
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News Flash: FIC Legislation Introduced
September 17, 2014
The Courts Legislation Amendment (Funds in Court) Bill 2014 was introduced into the Victorian Parliament on 17 September by the Attorney-General, The Hon. Mr Robert Clark, MP.Will this legislation adversely impact my funds in Court?
- The proposed legislation will not have an adverse impact on your funds in Court or on the operations of Funds in Court.
- The Court has been consulted throughout the drafting process of the legislation and agrees with its contents and its introduction.
What does the Bill do?
The Bill affirms pre-existing practices and procedures of the Senior Master and Funds in Court:
- The Bill highlights the primary role of the Senior Master and Funds in Court, which is to protect the rights of all beneficiaries, to give all practical and appropriate effect to a beneficiary’s wishes, and to take any steps that are reasonably available to encourage the beneficiary to participate in decisions affecting his or her affairs.
For further information see our FAQ section: What does the Courts Legislation Amendment (Funds in Court) Bill 2014 do?
Does this mean that it is now law?
No. Whilst the Bill has been introduced into Parliament it has not yet been passed by both Houses.
FIC will keep beneficiaries and other interested parties informed of the progress of the Bill.
Senior Master’s Financial Report Published
September 04, 2014
The Senior Master’s Financial Report for the year ended June 2014 has been published.
The financial reports of the Senior Master are audited, on a financial year basis, by the Auditor-General.
The published Report includes the Victorian Auditor-General’s audit opinion.
Please see our publications area for a copy of the Report.
Interest (Crediting) Rates for the year to 31 May 2014
June 11, 2014
Interest (Crediting) Rates for the year to 31 May 2014
In conformity with sections 113(14) and (15) of the Supreme Court Act 1986 [the Act] and with Rule 79.09(1) of the Rules of Court, the Senior Master has fixed the following interest rates with the approval of the Chief Justice:
A. With respect to Common Fund No. 1 for the year to 31 May 2014:
0.75 per centum per annum.
0.75 per centum per annum.
B. With respect to Common Fund No. 2 for the year to 31 May 2014:
For beneficiaries with funds invested in both Common Funds No. 2 and Common Fund No. 3 as at 1 June 2013, 4.45%.
For the other beneficiaries of Common Fund No. 2, 4.65%.
C. With respect to Common Fund No. 2 from 1 June 2014 until a further particular rate or a further general rate is fixed:
Equivalent to the Cash Rate Target as fixed by the Reserve Bank of Australia from time to time, but not more than 4 per cent per annum.
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Note: The usual FIC Fact Sheet setting out crediting rates, details of cost recovery and the FIC Administration Expense Ratio for 2013-2014 will be published in early July.